Home> Class-12> Economics >Q 62 |
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Que : 62. What is the meaning of oligopoly ? |
Answer: Oligopoly is a market structure in which there are only a few sellers of the homogeneous or differentiated products. So, oligopoly lies in between monopolistic competition and monopoly. Oligopoly refers to a market situation in which there are few firms selling homogenous products. eg. markets of cements, steel, aluminium etc. |