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Oligopoly

QuestionAnswer
List the characteristics of an oligopolistic market? Few sellers, interdependence between firms, product differentiation occurs, barriers to entry, collusion may occur, non-price competition is more common than price competition.
Explain 'rigidity of prices'? This occurs when prices tend not to change when costs change. This is because firms are fearful of the likely reaction of their competitors should they change prices.
Explain an elastic demand curve under oligopoly? If this firm increases its price others will leave their prices unchanged so this firm will lose many customers.
Explain an inelastic demand curve under oligopoly? If the firm lowers its price others will match this price decrease so this firm will gain few additional customers.
List the different types of collusion that may occur in an oligopolistic market? Pricing policy(limit pricing), production(output)policy, sales territories, implicit collusion.
List objectives other than profit maximisation? Government intervention, managers not owners, limit pricing, satisfactory profit levels, managers may pursue increased sales.
State examples of markets that you may consider to be oligopolistic? Mobile phones industries, retail banking, petrol companies, supermarkets and newspaper industries.
Created by: deborahh
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