Which of the following statements is true?
i. oligopoly is a form of imperfect competition.
ii. oligopoly firms produce only differentiated products.
iii. unlike perfectly competitive markets, oligopoly markets have only a small number of firms in oligopoly markets
a) i only
b) ii and iii
c) i and iii
d) i, ii, and iii

The correct answer is option c.

Explanation:

An oligopoly market is a form of imperfect competition where there are a few firms. These firms can produce identical or differentiated products. Because of a few firms in the market, there is a high degree of competition in the market.  

These firms are interdependent such that the economic decisions of a firm affect its rivals. So each firm has to consider the reaction of its rivals before making decisions.

The firms are price makers and face a downward-sloping demand curve.

they work in some type of way

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