Question

Write any four features of oligopoly.

Answer 1

Answer:

• advertising

• competition

• lack of uniformity

• group behaviour

Answer 2

Answer:

An oligopoly is an industry which is dominated by a few firms. In this market, there are a few firms which sell homogeneous or differentiated products. Also, as there are few sellers in the market, every seller influences the behavior of the other firms and other firms influence it.