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Distinguish between perfect and imperfect oligopoly. |
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Answer» When firms in oligopoly; produce homogenous products it is called perfect oligopoly, whereas when firms produce differentiated products it is called imperfect oligopoly. Detailed Answer: Perfect Oligopoly: If the firm produces homogeneous product, then it is called perfect oligopoly. eg. : Cement, Steel, producing industries, etc. Imperfect Oligopoly: If the firm produces differentiated product, then it is called imperfect oligopoly. eg. : Cars, soft drinks, etc. |
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