Consider the following statements about Oligopoly and Monopoly.
1. A monopoly occurs when one firm that produces a product or service controls the market with no close substitute.
2. In an oligopoly, a group of smaller firms—usually two or more—controls the market.
Which of the above statements is/are NOT correct?
1
1 only
2
2 only
3
Both 1 and 2
4
None of the above