This is the first 1,000 characters of 337 words (1.35 pages) in the essay titled Oligopolists
There are four market structures in our economy today : Perfect
competition, monopolistic competition, oligopolies and monopolies. This essay
shall describe the oligopoly market.
The definition of an oligopoly states that in an industry, a small
number of firms dominate the market. There are a low number of firms in the
industry, becasue and adding to the barriers to entry. The barriers of entry to
an oligopolistc market include the financial resources needed to enter and such
regulations from the government or patents.
In this market, there is a high degree of differentiated products, and
so with all of the above factors combined in this market, the competition is of
sales, not of price. There is also a factor of concern from the firms in an
oligopolistic market - where the actions of one firm will subsequently effect
the other firms in the industry. This results in each oligopolist watching its
competitors closely, and is a me...
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