What is oligopoly? What is duopoly?

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Answer.) Oligopoly is a market structure characterized by competition among a small number of large firms that have market power, but that must take their rivals’ actions into consideration when developing their competitive strategies. Firms have market power derived from barriers to entry. However, a small number of firms compete with each other.

Duopoly is a market in which there are just two sellers.Duopoly is a special case of oligopoly in which the decision of profits depends on the behavior of one – and only one – other firm.

Rahul Sunny answered 1 year ago

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