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17 February, 14:39

If competitive market circumstances are such that there is some leader-follower price competition, some product differentiation, and the purpose of advertising is to inform, but avoid price competition, then we must be operating in a (n) :

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  1. 17 February, 14:42
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    Oligipoly

    Explanation:

    Oligopoly market is characterised by:

    1. Few large firms

    2. Firms set their prices together which is known as a cartel or through price leadership where a firm sets the market price.

    3. Firms engage in advertisement.

    4. Firms avoid price competition.

    An example of an oligopoly is OPEC. OPEC is a cartel.
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