Read the given statements carefully and select the correct option. A. The number of sellers under oligopoly are small. B. In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.

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KollegeApply · Accepted Answer

A is true, B is false Explanation: • Statement A is true: An oligopoly is a market structure dominated by a small number of large sellers who have a sizable market share and are highly interdependent. • Statement B is false: In a monopolistically competitive market, buyers and sellers have incomplete knowledge due to considerable product differentiation and heavy branding, making direct comparisons impossible. Perfect market knowledge is exclusively a feature of perfect competition.

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