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Oligopoly - Coggle Diagram
Oligopoly
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Definitions
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Niche Markets - Market for a product or service, perhaps an expensive or unusual one, that does not have many buyers
Advantages
Choice - In an oligopolistic market new brands provide consumers with new products supplying the consumers an every growing choice in the market
Quality - An improvement in price will eventually happen as oligopolistic markets are mostly non price competitive
Economies of Scale - Frims in an oligopoly are able to exploit economies of scale lowering their average cost offering their customers lower prices for their goods
Innovation - Sine firms make a large amount of profit, they can invest it into their R&D department which intern leads to an increase in innovation
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