Q10. In the context of oligopoly, which one of the following is correct? a) Full control over price more elastic demand curve c) Indeterminate demand curve selling costs do not exits b) d)
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Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. The concentration ratio measures the market share of the largest firms. A monopoly is one firm, a doupoly. is two firms and an oligopoly is two or more firms. There is no precise upper limit to the number of firms in an oligopoly, but the number must be low enough that the actions of one firm significantly influence the others.
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