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OLIGOPOLY - Coggle Diagram
OLIGOPOLY
Examples
steel manufacturing
railroads
tire manufacturing
oil
wireless carriers
grocery store chains
airlines
barriers to entry
regulatory barriers
economies of scale
accessing supply
distribution channels
capital requirement
brand loyalty
Advantages
innovation
efficiency
Disadvantages
limit competition
Lack of Consumer Choice
Collusion
Barriers to Entry
Inefficient Allocation of Resources
Product Differentiation
Economies of Scale
Investment in Research and Development
Stable Prices
References
https://techykhushi.medium.com/oligopoly-oligopoly-in-details-introduction-features-advantages-disadvantages-market-726712580f31#:~:text=oligopolies%20are%20a%20complex%20market,harm%20consumers%20and%20limit%20competition
.
https://www.studysmarter.co.uk/explanations/microeconomics/imperfect-competition/oligopolistic-market/
https://www.investopedia.com/terms/o/oligopoly.asp#:~:text=An%20oligopoly%20is%20a%20type,significant%20influence%20over%20the%20market
.
Product
Differentiated
Undifferentiated
Few sellers
there is a small number of firms that control the market
Type of market structure
Exits within an economy
Key characteristic
none of these firms can keep the other(s) from having significant influence over the market