SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Fun Video: Understanding Oligopoly
Fun Video: Understanding Oligopoly Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
FAQs on Fun Video: Understanding Oligopoly Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is an oligopoly? |  |
Ans. An oligopoly is a market structure characterized by a small number of large firms dominating the industry. These firms have significant market power, which allows them to influence prices and control the market to some extent.
| 2. How do firms in an oligopoly compete with each other? | |
Ans. Firms in an oligopoly compete through various strategies such as price competition, non-price competition, and collusion. Price competition involves lowering prices to attract customers, while non-price competition focuses on product differentiation, advertising, and marketing. Collusion occurs when firms cooperate to reduce competition and maximize profits.
| 3. What are the advantages and disadvantages of an oligopoly? | |
Ans. The advantages of an oligopoly include economies of scale, innovation, and the potential for high profits. These large firms can invest in research and development, offer a wide range of products, and benefit from cost-saving efficiencies. However, the disadvantages include reduced consumer choice, potential collusion leading to higher prices, and barriers to entry for smaller firms.
| 4. How does an oligopoly impact consumers? | |
Ans. The impact of an oligopoly on consumers can be mixed. On one hand, consumers may benefit from lower prices resulting from intense competition among oligopolistic firms. On the other hand, limited competition can lead to higher prices, reduced product variety, and potentially lower quality goods or services. Consumers also have less power in influencing market outcomes in an oligopoly.
| 5. Can an oligopoly be regulated? | |
Ans. Yes, an oligopoly can be regulated by governments to prevent anti-competitive behavior and protect consumer interests. Regulations can include price controls, antitrust laws, and measures to promote competition. However, finding the right balance between regulation and allowing firms to compete can be challenging, as excessive regulation may stifle innovation and efficiency.
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