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Question
Indian Oil Corporation Limited is an example of a/an ______.
Options
Competitive firm
Monopoly firm
Monopolistically competitive firm
Oligopolistic firm
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Solution
Indian Oil Corporation Limited is an example of a/an Oligopolistic firm.
Explanation:
Indian Oil Corporation Limited (IOCL) is an example of an oligopolistic company because it works in an oligopolistic market structure. In India's oil and gas business, a few large firms, such as IOCL, Bharat Petroleum, and Hindustan Petroleum, dominate the market, exerting strong control over pricing and output, as is typical of an oligopoly.
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