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4 cards from this section. Quick, good the night before a test.
What is an oligopoly?
Think about how many companies control the market.
Name a characteristic of oligopoly.
How do companies react to each other's pricing?
What is the main feature of an oligopoly?
Think about how many dominant companies there usually are.
In oligopoly, firms are known for their _____________ pricing strategies.
What is it called when firms rely on each other?
Analyze the situation where a new company enters an oligopolistic market. What effect will this have on existing companies and the market as a whole?
Consider how the behavior of the established firms may change with new competition.
Critically evaluate the potential long-term effects of price rigidity for consumers in an oligopoly market. What could happen?
Think about how consumers react when they have fewer choices.
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