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3 cards from this section. Quick, good the night before a test.
What defines an oligopoly market structure?
Think about the number of firms.
What does interdependence mean in an oligopoly?
It has to do with how firms relate to each other.
What is a defining characteristic of an oligopoly?
Think about the number of competitors.
True or False: Oligopoly markets have low barriers to entry.
What can stop new competitors from joining?
Evaluate the implications of a sudden technological breakthrough that lowers barriers to entry in an oligopoly. How might this reshape the market?
Think about what new firms could do.
If two firms in an oligopoly decide to collude on prices, what might be the economic repercussions for consumers and the market?
Consider the effects on pricing.
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