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What is an Oligopoly? What are its main characteristics?

Feb 11, 2015 14:26 IST

    Oligopoly is a market situation in which only one company exerts control over most of a market. It is a type of market in which few big firms’ accounts for large number of output.

    Main Characteristics of Oligopoly

    • Profit Maximization
    • Ability to set price
    • Restricted Entry
    • Few Numbers of Firms
    • Long run profits
    • Product differentiation
    • Perfect knowledge
    • Interdependence
    • Non Price Competition

    The retail gas market is an ideal illustration of an oligopoly because a small number of firms control a large majority of the market.

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