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Question
In which market structure are only a few big sellers present, and each firm must consider the actions of rivals while deciding price and output?
Options
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
MCQ
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Solution
Oligopoly
Explanation:
Oligopoly is characterised by a few large firms that are interdependent, so each firm’s price and output decisions depend on the behaviour of rival firms.
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