Oligopoly
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| 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.
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| 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.
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| 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.
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| 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.
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| List the different types of collusion that may occur in an oligopolistic market? | Pricing policy(limit pricing), production(output)policy, sales territories, implicit collusion.
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| List objectives other than profit maximisation? | Government intervention, managers not owners, limit pricing, satisfactory profit levels, managers may pursue increased sales.
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| State examples of markets that you may consider to be oligopolistic? | Mobile phones industries, retail banking, petrol companies, supermarkets and newspaper industries.
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