The firm under oligopoly produces ___________.

homogeneous product

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differentiated product

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either an homogeneous product or products which are close but not perfect substitutes of each other

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hetrogeneous product

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Solution

The correct option is C either an homogeneous product or products which are close but not perfect substitutes of each other
Oligopoly is the market in which the behaviour of only a few firms dominates the market. The market is highly concentrated. They sell homogeneous products or differentiated products which are close substitutes.

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Which of the following is an example of an oligopoly market with homogeneous products?

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