Market Equilirium

Economics (CUET)

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If in an oligopoly market, firms produce homogenous product it is called_____________oligopoly.

Perfect

Imperfect

Collusive

Non-Collusive

Explanation:

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

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