UPSC CAPF Assistant Commandant Model Paper 1
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Question : 77 of 125
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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. 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?
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