Duopoly
A form of
imperfect competition where there are only two producers of a commodity. Such a
situation can be given to cut-throat competition of a particularly irrelevant
type, and to prevent both parties being ruined by it, they may agree to share
the market, perhaps on a territorial basis, eachagreeing not to compete against
the other in its share of the market.
Duopsony
Refers to a
market situation in which there are only two buyers of a particular
goods/service.
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