Economics · Market Structure
Given below are two statements: One is labelled as Assertion A and the other is labelled as Reason R. Assertion 'A': The theories of price determination under oligopoly are often found to be inapplicable to real-life market conditions. Reason 'R': Real-life oligopoly market situations are characterized by a small number of sellers, interdependence of decision-making, barriers to entry, and indeterminate price and output, leading to a wide variety of situations. In the light of the above statements, choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both A and R are correct and R is the correct explanation of A.✓
- 2Both A and R are correct but R is not the correct explanation of A.
- 3A is correct but R is not correct.
- 4A is not correct but R is correct.
Correct answer
Both A and R are correct and R is the correct explanation of A.
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