Oligopoly Market Introduction & Characteristics. अल्पाधिकार बाजार का परिचय और विशेषता। • Oligopoly Market Intro...
Meaning of Duopoly
A duopoly (from Greek δύο, duo (two) + πωλεῖν, polein (to sell)) is a form of oligopoly where only two sellers exist in one market. In practice, the term is also used where two firms have dominant control over a market. It is the most commonly studied form of oligopoly due to its simplicity.
Duopoly is exactly a special case of thesis of Oligopoly, in which there are two sellers involved and are absolutely at liberty and no contract persists between them.
Cournot duopoly
Cournot duopoly, also called Cournot competition, is a model of imperfect competition in which two firms with identical cost functions compete with homogeneous products in a static setting. It was developed by Antoine Augustin Cournot in his “Researches Into the Mathematical principles of the Theory of Wealth”, 1838. Cournot’s duopoly represented the creation of the study of oligopolies, more particularly duopolies, and expanded the analysis of market structures which, until then, had concentrated on the extremes: perfect competition and monopolies
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