What are the features of oligopoly?
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The main features of oligopoly:
An industry which is dominated by a few firms. ...Interdependence of firms, firms will be affected by how other firms set price and output.Barriers to entry, but less than monopoly.Differentiated products, advertising is often important.Oligopoly is the most common market structure.
An industry which is dominated by a few firms. ...Interdependence of firms, firms will be affected by how other firms set price and output.Barriers to entry, but less than monopoly.Differentiated products, advertising is often important.Oligopoly is the most common market structure.
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An oligopoly is an industry which is dominated by a few firms. In this market, there are a few firms which sell homogeneous or differentiated products. Also, as there are few sellers in the market, every seller influences the behavior of the other firms and other firms influence it.
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