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1.

Suppose there are only two firms manufacturing cars in India, namely, Maruti and Hyundai. What market form is this?

Answer»

lip This market form is known as duopoly market. Duopoly is a market structure in which there are only two firms producing a product.
Discussion
2.

What do you mean by cartel?

Answer»

Cartel is a kind of mutual agreement or coordination of the output and pricing policies of firms having then individual identities so as to act if it is a monopoly. This is a feature of oligopoly market.
Discussion