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An oligopolistic market structure is distinguished by several characteristics, one of which is either homogeneous or...

An oligopolistic market structure is distinguished by several characteristics, one of which is either homogeneous or differentiated products. What are some other characteristics of this market structure?

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Expert Solution

Let us have a brief idea about oligopoly market

It is a market structure type in which there are few large sellers and large number of buyers

There are barriers to entry and exit

The products are differentiated or homogeneous

They from cattles to have price and market control

Long term economic profit is positive

The best example of this market is oil and petroleum exporting countries that is OPEC which consists of major crude oil producing countries which control market anf price of crude oil

Rahul Sunny answered 2 years ago
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