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30 March, 05:55

What is an oligopoly?

a. an agreement by a formal organization of producers to coordinate prices and production

b. a market structure in which a few large firms dominate the market

c. a market structure in which two firms have a price war

d. a market structure in which a single firm dominates the market?

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Answers (2)
  1. 30 March, 06:09
    0
    The actual definition of Oligopoly is a state of limited competition, in which a market is shared by a small number of producers or sellers. The correct answer should be B a market structure in which a few large firms dominate the market
  2. 30 March, 06:11
    0
    Market structure in which two firms have a price war
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