Question

Bertrand edgeworth oligopoly-review of economic studies-jstor

Answer 1

Oligopoly is a market structure where a few large firms share a highly concentrated market share. It is in the middle of a monopoly and the perfect competition, where a few large firms control the market offering similar products. They are interdependent on each other, meaning that if one company makes a drastic decision, all companies will be affected by that decision, either good or bad

Oligopoly firms normally are large in profit, size, and client term. Those firms are constantly competing against each other, and those competitions tend to be fierce, since the firms usually offer similar products at a similar price, and mostly their only way to differentiate themselves from the competition is through extensive marketing campaigns.