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Economics session 9 (Cartel (an organization between a group of producers…
Economics session 9
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Monopoly
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Example
PTV previously had 90% viewership. Its still the market leader with 19% viewership and the remaining divided among other competitors.
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Oligopoly can block new entrants, slow innovation and increase prices
Firms in oligopoly set prices,either collectively in a cartel or under leadership of one firm, rather than taking prices from the market
Cartel
an organization between a group of producers of a good or service to regulate supply in an effort to regulate or manipulate prices.
businesses or countries that act together as if they were a single producer and thus are able to fix prices for the goods they produce and the services they render without competition.
Some cartels are formed to influence the price of legally traded goods and services, while others exist in illegal industries, such as drugs
Have a negative effect for consumers because their existence results in higher prices and restricted supply
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In oligopoly, pricing is discussed in consensus
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