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economics > Oligopoly > Flashcards

Oligopoly Flashcards

1
Q

Define Oligopoly

A

When a few large firms dominate the market

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2
Q

Features of Oligopoly

A

Few firms
Non price competition
Price competition
Collusion
Large firms dominate
Different products

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3
Q

Advantages of Oligopoly

A

Choice
Quality
EOS
Innovation
Price war

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4
Q

Disadvantages of Oligopoly

A

Lack of choice
Temptations for firms to collude

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economics (7 decks)

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