Question

In: Economics

An oligopolistic market structure is distinguished by several characteristics, one of which is market control by a few large firms.


An oligopolistic market structure is distinguished by several characteristics, one of which is market control by a few large firms. Which of the following are other characteristics of this market structure? Check all that apply. 

Difficult entry 

Mutual interdependence 

Ether similar or identical products 

No entry 

Neither mutual interdependence nor mutual dependence

Solutions

Expert Solution

First three are characteristic of oligopoly.

Difficult entry- In oligopoly market, entry is difficult to a new furm because of high startup cost, copyrights amd patents, resources ownership etc.

Mutual interdependence- In oligopoly all firms or companies are interdependent on each other. The prisoner dilemma theory is applied in oligopoly.

Either similar or identical products- In oligopoly, firms generally produces similar or identical products. Firms produce raw material or intermediate product which will be used as input by others. Such as petroleums, steal, aluminium etc. There is also differentiate products oligopoly which tends to produce or sold personal use goods like automobile, ditergents, computer etc.

No entry- it does not happen in oligopoly market. A new firm can enter.


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