OLIGOPOLY
It is a form
of industry where small number of large firms operates. They generally produce
similar or perfect substitute goods. Firms operating in this industry earns
economic profit but in long run it might earn economic profit. Firms in this industry
incur low variable cost due economics of scale.
Example:
There are two pharma shops in our locality. But services provided them are
different. One shop houses doctor clinic and other provides over phone order
booking facility.
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