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OLIGOPOLY - Coggle Diagram
OLIGOPOLY
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DEFINITIONS
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COLLUSION: Collusion is when dominant firms in the industry set up agreements to restrict competition.
NICHE MARKET: Market for a product or service, perhaps an expensive or unusual one, that doesn't have many buyers but that may make good profits for companies that sell it
CARTEL: Group of firms or country join together and restrict prices and fix prices.( this is illegal as the market is being harmed).
features
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barriers to entry: in an oligopolistic market there are barriers to entry such as high start up costs
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large firms dominate: large firms in an oligopolistic market will dominate the market because they will have a very large proportion of the market to themselves
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