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Question
State any two features of Oligopoly.
Solution
- Few sellers and many buyers: A few merchants offer huge amounts of items in an oligopoly market. The number of sellers is modest, but everyone has a large market for their commodities.
- Mutual Interdependence: As a result, there is a high level of mutual dependency, which implies that one firm's pricing and production plans have a significant impact on the pricing and production strategies of the other firms in the market.
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