Oligopoly Essay

Oligopoly Essay

Sample Essay

Words 1,457

Oligopoly is defined as an industry in which there are a few firms. By a few, it is meant that the number of firms should be sufficiently small for there to be conscious interdependence, with each firm aware that its future prospects depend not only on its own policies but also those of its rivals. An industry is defined as a group of firms where the firm’s products are close substitutes for one another, that has a high and positive cross elasticity of demand. (more…)

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