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Mrs John Robinson- 'Oligopoly is market situation in between monopoly and perfect competition in which the number of sellers is more than one but is not so large that the market price is not influenced by any one of them'.
Prof. George J. Stigler- 'Oligopoly is a market situation in that a firm determines its marketing policies on the foundation of expected behaviour of close competitors'.
Prof. Stoneur and Hague- 'Oligopoly is different from monopoly on one hand in that there is a single seller, conversely, it differs from perfect competition and monopolistic competition also in that there is a large number of sellers. Or we can say that whiledescribing the concept of oligopoly, we comprise the concept of a small group of firms'.
Prof. Left Witch- 'Oligopoly is a market situation in that there are a small number of sellers and activities of each seller are significant for others'.
So oligopoly is a market situation in that a few firms producing an identical product or the products, that are close substitutes to each other as well as compete with each other.
Fall in Supply When the supply falls, the supply curve shifts to the left to position S 1 S 1 . At the initial equilibrium price P 1 , quantity supplied falls from q 1
Marris constraints of growth maximisation
Michael was discussing the importance of production analysis and cost analysis to managerial economics with a final year Open Campus student. The final year student, Catherine, sta
Factors affecting the size of National Income The size of nation's income depends upon the quantity and quality of the factor endowments at its disposal. A nation will be ri
State the Meaning of managerial economics Managerial economics, used synonymously with business economics, is a study of economics that deals with the application of microecono
Problem: (a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price
A Retention bonus is an incentive paid to a key employee to retain them by a critical business cycle. This could be a transitional period (like mergers and acquisitions) to ensure
What are the Methods of Managerial Economics The process of managerial economics deals with aspects of economics and tools of analysis, which are employed by business enterpri
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Concept of Central bank M.H. De Kock concept of central bank is superior to that of others as it is more inclusive. His long definition of central bank includes many of the imp
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