Title

(1) Oligopoly: A Brief Glance

Topic Category

Oligopoly

Publication Date

2011

Keywords

Oligopoly, Interdependence, Collusion, Cartel, Cheating

Abstract

This provides an overview of the market structure of Oligopoly. It presents the characteristics of this market structure by contrasting them to those of Perfect Competition and Monopoly. It identifies the key issue of interdependency and points out the conflicting incentives this creates. The issues associated with achieving an effective cartel are briefly identified. Finally, the long run adjustment process for Oligopoly is discussed.

Run Time

7:02

Primary Discipline

Microeconomics

Skills Delivered

Ability to identify and explain the standard characteristics of a Monopolistically Competitive Firm, and to contrast them with the characteristics of a Perfectly Competitive and Monopoly Firms. Ability to explain the consequences for the firm's revenue functions, and to describe the conflicting incentives that interdependence creates.

Rigor Level

2000

Prerequisites

Previous Monopoly and Perfect Competition Videos

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