What is meant by oligopoly? Define Collusive, Non-Collusive, Perfect a

1.	What is meant by oligopoly? Define Collusive, Non-Collusive, Perfect and Imperfect oligopoly.
Answer» Oligopoly is a market structure in which there are few large sellers of a commodity, which sell homogenous and differentiated product. Under this market situation firms are interdependent. The Oligopoly is the most common market structure. The main features of oligopoly are - few firms, Interdependence of firms, Barriers to entry, Differentiated products, advertising is often important. Perfect Oligopoly - If the firms produce homogeneous products, it is called perfect oligopoly. Imperfect Oligopoly - If the firms produce differentiated products, it is called imperfect oligopoly. Collusive Oligopoly is one in which the firms cooperate with each other in deciding price and output. Non Collusive Oligopoly is one in which firms compete with each other.

What is meant by oligopoly? Define Collusive, Non-Collusive, Perfect and Imperfect oligopoly.

Answer»

Oligopoly is a market structure in which there are few large sellers of a commodity, which sell homogenous and differentiated product. Under this market situation firms are interdependent.

The Oligopoly is the most common market structure. The main features of oligopoly are - few firms, Interdependence of firms, Barriers to entry, Differentiated products, advertising is often important.

Perfect Oligopoly - If the firms produce homogeneous products, it is called perfect oligopoly.

Imperfect Oligopoly - If the firms produce differentiated products, it is called imperfect oligopoly.

Collusive Oligopoly is one in which the firms cooperate with each other in deciding price and output.

Non Collusive Oligopoly is one in which firms compete with each other.

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