List and explain the characteristics of an oligopolistic industry.

Question

Question

Answer 1

Answer #1

Oligopoly market type in which-

1.there are few sellers and large number of buyers in the market .

2.there are barriers to entry and exit in the market

3.long term economic cost is zero.

4.They form cartels to have price control the market control.

for example Oil and petroleum exporting countries (OPEC)

in which various countries from a cartel and decide the price across the world

Answer 2

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