which form of market structure is characterised by interdependence in decision-making as between the different competing firms
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A monopoly contains a single firm that produces goods with no close substitute, while an oligopoly market has a small number of relatively large firms that produce similar but slightly different products. In both cases, there are significant barriers to entry for other enterprises.
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An Oligopoly market situation is also called 'competition among the few'. ... at Oligopoly definition and some important characteristics of this market structure. ... output of the industry, each firm is affected by the price and output decisions of rival firms. Therefore, there is a lot of interdependence among firms in an oligopoly.
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