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Oligopoly |
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Oligopoly A Market characterized by a small number of producers who often act together to control the supply of a particular good and its market price. Oligopoly A situation in which a small number of companies split all or nearly all the market share of a good or service. There are two major models for oligopoly: the Cournot model and the Bertrand model. In the Cournot model, each company assumes the output of the others, resulting in greater output than in a monopoly but less than in a state of perfect competition. This pushes prices lower but not as low as they would be in perfect competition. In the Bertrand model, the companies compete for the lowest possible price, resulting in perfect competition. Both models are applicable in different situations and times and neither expresses oligopoly perfectly. Less commonly, a third option is possible: if the companies in the oligopoly openly collude with each other, they can form a cartel.
Oligopoly What Does Oligopoly Mean? A market condition in which a particular segment of the market is controlled by a small group of firms. An oligopoly is much like a monopoly, in which only one company exerts control over most of a market. In an oligopoly, there are at least two firms controlling the market. Investopedia explains Oligopoly The retail gas market is a good example of an oligopoly because a small number of firms control a large majority of the market. Related Terms: Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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seem to be arguing that the effects of natural resources on an economy depends on the characteristics of the natural resources, resources such as oil lend themselves to large oligopolistic producers to take advantage of technology and scale economies. Smith (1987) showed that, depending on the nature of the oligopolistic equilibrium, tariffs may or may not induce FDI, they may or may not change the market structure, and they may have pro- or anti-competitive effects. Role of policy makers - One of the crucial impediments to an efficient solution in the spectrum market is the oligopolistic structure of the telecom industry in India and the relationship with the government. |
oligopolistic |
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