State two main feature of oligopoly
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Buyers have only imperfect knowledge as to price, cost and product quality. The distinctive feature of an oligopoly is interdependence. Oligopolies are typically composed of a few large firms. Each firm is so large that its actions affect market conditions.
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write any 2 of the following
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The main features of oligopoly are elaborated as follows:
- Few firms: ADVERTISEMENTS: ...
- Interdependence: Firms under oligopoly are interdependent. ...
- Non-Price Competition: ...
- Barriers to Entry of Firms: ...
- Role of Selling Costs: ...
- Group Behaviour: ...
- Nature of the Product: ...
- Indeterminate Demand Curve
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