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Doctors Medicines MCQs Q&A

  1. Perfect competition
  2. Monopoly
  3. Monopolistic competition
  4. Oligopoly
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1 Answers

Option 4 : Oligopoly

The correct answer is Oligopoly

 Oligopoly:

  • It is a market structure with a few firms, none of which can stop the others from having a significant value.
  • When a market is shared by only a few firms, it is said to be highly concentrated, and it helps in the survival of the firm

 Characteristics of an Oligopoly Market:

  • A Few Firms with Large Market Share: Even though a market may contain thousands of sellers, it can be categorised as an oligopolistic market if the aggregate market share of the top 5 companies is greater than 50%. This is a result of the market being controlled by a few number of vendors who have the majority of the power.
  • High Barriers to Entry: Several barriers to entry help oligopolistic businesses maintain their dominance. Brand loyalty, patents, and expensive startup fees are just a few examples. These make it challenging for new competitors to establish a presence in the market and draw clients. Brand loyalty is a big obstacle to overcome in sectors like retail.
  • Very high degree of competition:  There is intense competition among the firms in the market. To sustain the competition forms to make frequent technological and product improvements. This help them to make better product and satisfy the customer better than its competitors.

 Perfect competition: 

  • It is a market structure where there are a large number of buyers and sellers, easy entry, and exit from the market.
  • A perfectly competitive firm is also known as a price taker.
  • Thus, in perfect competition, it is easier to increase the market size.

Monopoly:

  • It is a market structure where there is a single seller selling a unique product in the market.
  • It is a price maker and thus known for the Intimation of a product or service.

Monopolistic Competition: 

  • Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another and hence are not perfect substitutes.
  • It influences the buying behaviour of the consumer.
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