Answer :
Answer:
Beliefs play an important role in oligopolistic competition and oligopoly is the most complicated type of market structure
Explanation:
When the small or large group of sellers combine and form a market with mutual proceedings, oligopolies are formed. It is formed to reduce the competition among the sellers. This leads to a rise in the price for the consumers as all the sellers agree on the same plan.
One of the characteristics of Oligopolies is mutual inter-dependency. All firms have beliefs and are interdependent. The decisions like pricing, output, and advertising are all decided upon by the other firms.