Question : Which of the following is a basic characteristic of 'Oligopoly'?
Option 1: Many sellers, Many buyers
Option 2: Few sellers, Few buyers
Option 3: Few sellers, Many buyers
Option 4: Many sellers, Few buyers
Correct Answer: Few sellers, Many buyers
Solution : The correct answer is Few sellers, Many buyers
In an oligopoly, there is limited competition in the market, shared by a small number of sellers and a large number of buyers. An oligopoly is described as an imperfect market because it has competition among a few sellers. In a monopoly, there is only one seller and many buyers.
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