Question: Which of the following market conditions in an oligopoly increase the probability that it will be able to maintain prices well above the competitive market level? Explain your answer briefly in each case.
a) A high degree of brand name identification by consumers
b) A dominant price leader
c) 10 or 12 firms in the market instead of 2 or 3
d) Cartels are legal
e) Technological and organizational change is creating opportunities to realize economies of scope and scale in the market
f) Barriers to new entrants are not very high.