Pricing and Output decisions of sellers are hig... - JAMB Economics 2021 Question
Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
A
Monopoly
B
Oligopoly
C
Monopolistic competition
D
Perfect competition
Ask EduPadi AI for a Detailed Answer
Correct Option: B
In an oligopoly, a few large firms dominate the market. Because there are few sellers, the actions of one seller significantly impact the others. Therefore, pricing and output decisions are highly interdependent. A change in price or output by one firm will likely lead to reactions from the other firms in the market.
Please share this, thanks:
#JAMB #JAMB
Add your answer
No responses