Microeconomics Plus Myeconlab With Pearson Etext (1-Semester Access)
Microeconomics Plus Myeconlab With Pearson Etext (1-Semester Access)
6th Edition
ISBN: 9780134435053
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
Question
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Chapter 14, Problem 14.1.1RQ
To determine

Define oligopoly.

Expert Solution & Answer
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Explanation of Solution

A market structure in which a small number of interdependent firms compete is termed as an oligopoly market structure.  Some examples of oligopoly market are aircraft, automobiles, and so on.

Economics Concept Introduction

Concept introduction:

Oligopoly: Oligopoly is a market situation with a few numbers of buyers and sellers.

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