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If in an oligopoly market, firms produce homogenous product it is called_____________oligopoly.
Perfect
Imperfect
Collusive
Non-Collusive
Option (1) is correct. Explanation: Collusive Oligopoly: It is that form of oligopoly in which all the firms determine price and quantity of output on the basis of co-operative behaviour. Non-collusive Oligopoly: It is that form of oligopoly in which all the firms determine the price and quantity of output according to the action and reaction of the firms. Perfect Oligopoly : If firms produce homogeneous product then it is called Perfect Oligopoly. Imperfect Oligopoly: If firms produce heterogeneous product it is called Imperfect Oligopoly.
By: Parvesh Mehta ProfileResourcesReport error
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