Which of the following statements is true ........

Economics (CUET) Market Equilirium

Which of the following statements is true?

The existence of oligopoly requires that a few firms are able to gain significant market power but can't prevent other smaller competitors from entering the market.

The existence of oligopoly requires that a large number of firms are able to gain significant market power, preventing other smaller competitors from entering the market.

The existence of oligopoly requires that a few firms are able to gain significant market power, preventing other smaller competitors from entering the market.
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The existence of monopoly requires that a few firms are able to gain significant market power, preventing other smaller competitors from entering the market.

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