CBSE Class 12-commerce Answered
differntiate between perfect and imperfect oligopoly
Asked by rulkrisht22 | 15 Feb, 2019, 08:36: PM
Expert Answer
If the firms produce homogeneous product then it is called perfect oligopoly.
Examples: cement, steel, aluminium and chemical producing industries.
If the firm produce differentiated products then it is called imperfect oligopoly.
It is rare to find this type of situation.
Examples: Passenger cars, cigarettes and soft drinks.
Feature 'interdependence of firms' in an oligopoly market: In a market, the price and level of output of one firm impact the price and level of output of rival firms. Keeping this impact in mind, a firm decides the price and output in accordance with prevailing market conditions. Hence, a high degree of interdependence exists among competing firms, especially with regard to price and quantity of output.
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