Oligopoly may be defined as a market structure where the market consists of a few number of sellers who can sell homogeneous or differentiated products or goods.
Since there are only a few sellers in the market, they have a considerable control over the price of the products. The sellers have to be cautious about the other competitors' progress or advancement in order to stay alive in the market or keep Pace with the competitors.
Example:
Homogeneous oligopoly- industrial products like steel , aluminium, zinc etc are examples of homogeneous oligopoly
Heterogenous oligopoly- products like automobiles , refrigerators, AC's are examples of heterogenous oligopoly.
No comments:
Post a Comment