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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.
McDonalds has been operating in many Asian countries such as China, Singapore and Japan. However, McDonalds has yet to open its ?rst restaurant in Vietnam, a country with over 80 m
Explain the importance of managerial economics.
Question: Discuss the pricing practices adopted by firms under different market structures. OR A firm produces a good, which is sold on delivery and in restaurants. The d
Transfer Payments Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo. S
Write on one theory of profit. Profit as rent of ability: one of the most widely known theories of profit was propounded by F.A. Walker. According to him profit is the rent of is t
Functions or Purposes of Taxation The functions of taxation can be discussed from the activities of the government it is meant to achieve. These are: a. Raise reven
Income elasticity of demand The income elasticity of demand measures the degree of responsiveness of the quantity demanded of a product to changes in income. Its co-efficient
Another vital relationship that is often referred to in economic analysis is the relationship between consumption expenditure andprice elasticity. From the law of demand, we know t
A promoter decides to rent an arena for concert. Arena seats 20,000. Rental fee is 10,000. (This is a fixed cost.) The arena owner gets concessions and parking and pays all other e
Question 1: Either ‘Today the business organizations are quite different from the traditional classical firm with a wide range of objectives.' Discuss the above statement
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