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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.
It is presumed that every of the different combinations of capital and labour displayed in Table produces the same level of output, which is, 20 units. Combinations are such that i
OBJECTIVES OF GOVERNMENT Government policies are required in market economies to achieve certain goals. There are broadly two types of government policies viz; Microeco
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determine points in units and reorder quantity normal sales=2 month; reorder time=15days; max stock=6 units; safety stock=1 unit ( based on 95% customer''s satisfaction )
In the national income analysis, investment refers to the value of than part of the aggregate output for any given time period which takes the form of construction of new structure
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