state gov AP Police SI (Pre+Mains) Mock Test 2022 General Knowledge Economy National Income Accounting
Which of the following statements correctly defines oligopoly?
1
If the market of a particular commodity consists of more than one seller, but the number of sellers is few, the market structure is termed as oligopoly.
2
If the market of a particular commodity consists of just one seller but the number of customers is very high, the market structure is termed as oligopoly.
3
If the market of a particular commodity consists of more than one seller but the number of sellers is very high, the market structure is termed as oligopoly.
4
If the market of a particular commodity consists of just one seller and the number of customers is few, the market structure is termed as oligopoly.