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Q. What do you mean by Oligopoly?
Type of market condition that is most appropriate in the today's economy, is oligopoly. It's characterised by mutual interdependence among a few sellers who control total market supply. Oligopoly, thus, takes place when there are just a few sellers. It differs from both monopoly and perfect competition and from monopolist competition. Oligopoly is a market where small group of producers, have substantial control over major portion of market demand, with or without differentiated product.
BUSINESS CYCLES Meaning: The business cycle is the tendency for output and employment to fluctuate around their long-term trends. The figure below presents a stylised
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Explain how a product would reach equilibrium position with the help of -iso-quants and iso-cost curve.
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