ICWA Question: Download ICWA PDF

Explain an Oligopoly?

Tweet Share WhatsApp

Answer:

Oligopoly is a market where the supply is controlled by a small group of companies. In this condition, the actions of one company will have a material effect on the entiremarket for a product.

Several characteristics of an Oligopoly:

1) Substantial barriers to entry

2) Market dominated by a few large firms

3) Differentiated products

4) Price rigidity

Download ICWA PDF Read All 40 ICWA Questions
Previous QuestionNext Question
Explain the difference between simple average method and weighted average method?Explain what are business cycles and what role do the Federal Reserve and Federal Government have in trying to control them?