The degree to which a firm in a market is able to controlitsoutputprice.
Oligopoly
Definition
Oligopoly
A market structure dominated by a fewlargefirms.
Oligopolies are one of the most common market structures in real world.
Oligopolies are market structures with characteristics such as:
A few large firms
Some product differentiation
High barriers for entry and exit
Oligopolies have highmarketpower:
This means that they can affect the price in the market.
Hence, their revenue curves are not flat and change as the output changes.
Example
Oligopolies include:
Car markets
Airline industry
Telecommunications
Tech platforms
Monopolistic Competition
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Definition
Paywall
(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.
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Note
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Tip
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What happens to average costs when economies of scale are achieved?
