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5 cards from this section. Quick, good the night before a test.
What does oligopoly mean?
Think of market control.
Give an example of an oligopoly.
Look for industries with few competitors.
What characterizes an oligopoly?
Consider how many players control the market.
Oligopoly markets generally experience price rigidity.
Think of how firms respond to each other's pricing.
In the context of oligopoly, explain how firms can maintain high profits while avoiding price wars.
Think about competition not solely based on price.
Discuss how government regulations can influence oligopolistic markets.
Consider the role of policies that help or hinder competition.
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