Oligopoly
a monopoly
This is known as an oligopoly. They often work as a mechanism between companies to reduce competition and inflate prices for consumers.
The music industry is dominated by a few large firms which dominate the market, thus enabling the industry to exert its market influence. They also partake in collusion to ensure that barriers to entry into the music industry remain high for new firms to enter. The characteristics of an oligopoly are as follows: Few, large number of firms dominate the market. High barriers to entry Long run abnormal profits Price makers- have the ability to determine market price. Maximise profits where MC=MR. The music industry fits into the above characteristics and therefore is considered to be an oligopoly.
oligopoly
A monopolistic competition market structure gives the consumers more choice. A monopolistic competition market offers more producers and many consumers in the market, and no business has total control over the market price.
a monopoly
This is known as an oligopoly. They often work as a mechanism between companies to reduce competition and inflate prices for consumers.
The music industry is dominated by a few large firms which dominate the market, thus enabling the industry to exert its market influence. They also partake in collusion to ensure that barriers to entry into the music industry remain high for new firms to enter. The characteristics of an oligopoly are as follows: Few, large number of firms dominate the market. High barriers to entry Long run abnormal profits Price makers- have the ability to determine market price. Maximise profits where MC=MR. The music industry fits into the above characteristics and therefore is considered to be an oligopoly.
oligopoly
A monopolistic competition market structure gives the consumers more choice. A monopolistic competition market offers more producers and many consumers in the market, and no business has total control over the market price.
An oligopoly is characterized by a market with a few firms having a negligible effect on price.
An oligopoly is an intermediate market structure between the extremes of perfect competition and monopoly. Oligopoly firms might compete (noncooperative oligopoly) or cooperate (cooperative oligopoly) in the Marketplace.
probably oligopolistic; several large firms, a few small.
They can gain some control over their market by secretly cooperating with one another.
Is a market structure characterized by a few large firms that produce either standardized or differentiated product, where entry into the industry is difficult, and where there is a great deal of interdependence between the decisions made by the firms
Secretly cooperate with one another.!
By definition, oligopoly means 'a few firms'. The prefix olig- means 'few' in Greek (e.g.) oligarchy - 'rule of the few') and the suffix -poly is the description of a market.Three reasons an oligopoly may persist even without artificial controls include: 1) the market has high entry costs, which serve as a barrier to entry to new firms because high capital costs provide strict economies of scale to larger firms; 2) the oligopolistic firms collude to control the market and prevent competitors entering; 3) leading firms out-compete new firms by artificially lowering prices, initiating a price war which the smaller firms can't afford as larger firms with more financial capital can.