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Distinguish between perfect and imperfect oligopoly.

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When firms in oligopoly; produce homogenous products it is called perfect oligopoly, whereas when firms produce differentiated products it is called imperfect oligopoly.

Detailed Answer:

Perfect Oligopoly: If the firm produces homogeneous product, then it is called perfect oligopoly.

eg. : Cement, Steel, producing industries, etc.

Imperfect Oligopoly: If the firm produces differentiated product, then it is called imperfect oligopoly.

eg. : Cars, soft drinks, etc.

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