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the four largest firms produce at least 70 to 80 % of the output
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How do economist determine whether a market is an oligopoly?
A market is an oligopoly when a small number of sellers dominate a market or industry. Economists use a set of criteria to determine whether a market form is an oligopoly. These criteria include profit maximization conditions, ability to set price, high barriers to market entry, a small number of firms, long-run abnormal profits, product differentiation, perfect knowledge of cost and demand functions, interdependence on other firms' marketing strategies, and non-price competition.
What are the characteristics of an oligopoly?
There are three main characteristics of oligopoly. They are industry dominated by a small number of large firms, the firms sell identical or similar products, and the industry has significant barriers to enter.
Most economies have what economists call?
mixed economies
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the things that firms sell that you cannot touched or seen?
Goods
How do economist determine whether a market is an oligopoly?
A market is an oligopoly when a small number of sellers dominate a market or industry. Economists use a set of criteria to determine whether a market form is an oligopoly. These criteria include profit maximization conditions, ability to set price, high barriers to market entry, a small number of firms, long-run abnormal profits, product differentiation, perfect knowledge of cost and demand functions, interdependence on other firms' marketing strategies, and non-price competition.
What are the characteristics of an oligopoly?
There are three main characteristics of oligopoly. They are industry dominated by a small number of large firms, the firms sell identical or similar products, and the industry has significant barriers to enter.
What do economists call elasticity?
What do economists call elasticity?
Most economies have what economists call?
mixed economies
What do economists call the physical thing's that firms make (things that can be seen or touched )?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make ( things that can be seen or touched)?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call taxes that are used between states?
Cheese
What did economists call periods of boom and bust?
the business cycle
What do economists call the things that firms sell that you cannot touched or seen?
Goods
What do economists call the next best alternative?
Economists call opportunity cost the next best alternative that has been given up. This is the cost of forgoing something and picking an alternative like using college fees to start a business.
What do economists call the physical things that firms make (things that can be seen or touched )?
Products.
