Answer to Question #89113 in Microeconomics for Siem Yaipa

Question

Which sector is oligopoly most prevalent in Papua New Guinea economy

Answer 1

An oligopoly is a nature of market where the market is dominated by a small number of large sellers. It reduces the competition, so it demands the higher price to the consumers.

In Papua New Guinea the economy is weak. Here deficiencies in market competition present. So, there is no question of oligopoly market in that location.

Oligopoly market is absent in Papua New Guinea economy.