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 Form 3 business studies revision questions and answers set 1

Outline four characteristics of oligopoly market

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Answer Text:
-There is interdependence in relation to pricing and output strategies
-Firms in oligopoly markets experience kinked demand curves
-There are few firms
-There could be few firms whose products are
differentiated while others deal with homogenous products
-Firms are relatively large and command a substantial part of the market