If the product produced by the competing firms is homogeneous, it is called:

Pure oligopoly

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Open oligopoly

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Collusive oligopoly

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Partial oligopoly

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Solution

The correct option is D Pure oligopoly
Oligopoly is the market in which the behaviour of only small firms dominate. The market is highly concentrated. The term oligopoly is derived from the Greek word. They produce products which are homogeneous and are not close substitutes. Such a market is called as pure oligopoly.

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