Chapter 5. Forms of Market. Explain the features of Oligopoly Q.5. Answer the following Economics HSC Maharashtra board

Balbharati solutions for Economics HSC 12th Standard Maharashtra State Board

 

Chapter 5. Forms of Market

Q.5. Answer the following:

 

1. Explain the features of Oligopoly.

 

Meaning:

The term oligopoly is derived from the Greek words ‘Oligo’ which means few and ‘poly’ which means sellers. It is that market where there are a few firms (sellers) in the market producing either a homogeneous product or a differentiated product. For example, mobile service providers, cement companies, etc.

Features of oligopoly:

Few firms or sellers: Under an oligopoly market, there are few firms or sellers. These few firms dominate the market and enjoy considerable control over the price of a product.

Interdependence: The seller has to be cautious with respect to any action taken by the competing firms. Since there are few sellers in the market, if any firm makes a change in the price, all other firms in the industry also try to follow the same to remain in the competition.

Advertising: Advertising is a powerful instrument in the hands of oligopolists. A firm under oligopoly can start an aggressive and attractive advertising campaign with the intention of capturing a large part of the market.

Entry barriers:
The firm can easily exit from the industry whenever it wants. But has to face certain entry barriers such as Government license, patents etc.

Lack of uniformity: here is a lack of uniformity among the firms in terms of their size. Some firms may be small while others may be of a bigger size.

Uncertainty: There is a considerable element of uncertainty in this type of market due to different behavior patterns. Rivals may join hands and co-operate or may try to fight each other

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