Buyers/Sellers
The relative amount of firms that an oligopoly has
What is a few firms?
The way firms price goods based on competitor prices in an oligopoly.
What is interdependent pricing?
Oligopoly can act like this type of firm to earn a positive profit.
What is a monopoly?
Oligopolies attempt to do this to their profits.
What is maximize profits?
The relative amount of buyers in an oligopoly.
What is many buyers?
When firms repeatedly cut prices to outsell competitors.
What are price wars?
Oligopoly firms may work together or act as a monopoly to earn these in the LR.
What are positive profits?
What is the largest oligopoly in the US.
What is The Film Industry.
When a leading firm sets the price of a good and competitors need to set similar prices so they do not fall behind in the market.
What is price leadership?
How goods are produced in an oligopoly.
What is in the least costly way?
Oligopolies often exhibit this due to the fear of price wars
What is Price Rigidity
Profits in the long run, when each oligopoly firm adopts a high price strategy.
What are high profits?
High competition is the cause of this in a oligopoly.
What is resource inefficiently?
The way prices are set in a oligopoly.
What is price determination?
The entry and exit of oligopoly firms can cause this in the long run.
What are zero profits?