Define Oligopoly and its characteristics
Explain the term Oligopoly? Also explain its Characteristics?
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A market where the supply is controlled by a small group of companies called as Oligopoly . In this situation, the actions of one company will have a material effect on the entire market for a product.
Characteristics of an Oligopoly are:
i) Substantial barriers to entry
ii) Market dominated by a few large firms
iii) Different products
iv) Price rigidityAn example of this type of monopoly would be the corporations Visa and MasterCard. These are in the business of card securities and hold major market share. However, it could be noted that Visa holds more of a pure monopoly status; MasterCard does have a high level of control to create a competitive market situation.
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Individual demand and market demand schedules: Individual demand schedule states the quantities required by an individual consumer at various prices. Discover Q & A Leading Solution Library Avail More Than 1424026 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1921983 Asked 3,689 Active Tutors 1424026 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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