Difference between revisions of "Oligopoly"

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An oligopoly is an industry or market dominated by a few firms selling a similar (undifferentiated) product.  This is called a "perfect oligopoly."  The few firms can behave in a harmful manner similar to how a [[monopoly]] behaves in overcharging customers or otherwise suppressing beneficial competition.
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An oligopoly is a seller's market having only a few sellers, who enjoy barriers to entry against new competitors.  An oligopoly lacks full competition and consumers suffer as a result.
  
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It is to be noted that Democrats often attempt to position themselves against oligopolies, despite having accepting large sums in donations from them, one of the most notable being contribution totaling over $48,000,000 from the oil company oligopoly.  
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Described another way, an oligopoly is an industry or market dominated by a only few firms selling a similar (undifferentiated) product.  This is called a "perfect oligopoly."  The few firms can behave in a harmful manner similar to how a [[monopoly]] behaves in overcharging customers or otherwise suppressing beneficial competition.
  
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In contrast, Republicans endorse heavily the idea of oligopolies such as the Oil industry, because they claim these companies define the very basic core of capitalism.
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An imperfect oligopoly consists of a few firms in an industry or market, but their product is differentiated, as in the car industry.
  
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An imperfect oligopoly consists of a few firms in an industry or market, but their product is differentiated, as in the car industry.
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An example of an oligopoly is the market for car or health insurance in most states.

Revision as of 00:37, April 9, 2007

An oligopoly is a seller's market having only a few sellers, who enjoy barriers to entry against new competitors. An oligopoly lacks full competition and consumers suffer as a result.

Described another way, an oligopoly is an industry or market dominated by a only few firms selling a similar (undifferentiated) product. This is called a "perfect oligopoly." The few firms can behave in a harmful manner similar to how a monopoly behaves in overcharging customers or otherwise suppressing beneficial competition.

An imperfect oligopoly consists of a few firms in an industry or market, but their product is differentiated, as in the car industry.

An example of an oligopoly is the market for car or health insurance in most states.

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