{"id":1731,"date":"2021-05-27T14:25:30","date_gmt":"2021-05-27T08:55:30","guid":{"rendered":"https:\/\/www.goseeko.com\/blog\/?p=1731"},"modified":"2021-10-30T07:39:57","modified_gmt":"2021-10-30T07:39:57","slug":"what-is-oligopoly","status":"publish","type":"post","link":"https:\/\/www.goseeko.com\/blog\/what-is-oligopoly\/","title":{"rendered":"What is Oligopoly?"},"content":{"rendered":"\n

In oligopoly there are a small number of firms in the market. As per the norms, oligopoly consists of 3 -5 dominant firms. The firms can compete with each other or collaborate to earn more profits. Here the buyers are more than the sellers.<\/p>\n\n\n\n

Features<\/strong><\/h4>\n\n\n\n
  1. Existence of few sellers: the primary features of oligopoly is the existence of a few sellers who dominate the entire industry and influence the prices of each other. Also there are large number of buyers under oligopoly.<\/li>
  2. Identical or differentiated products: An important characteristic of oligopoly is the production of identical products or differentiated products.<\/li>
  3. Barriers in entry: Another important characteristic of oligopolistic competition is that organizations cannot easily enter the market; nor can they make an exit from the market.<\/li>
  4. Enhanced role of government: Under oligopolistic market structure, the government has a greater role as it acts as a guard since it is observed that oligopolists may engage in the illegal practice of collusion, where they together make production and pricing decisions.<\/li><\/ol>\n\n\n\n

    Oligopolists may start acting as a single organization and further increase prices and profits. Thus the government is required to keep a watch on such activities to curb the illegal practices.<\/p>\n\n\n\n

    1. Mutual interdependence: Under oligopoly market structure, a few numbers of sellers compete with each other. Thus  mutual interdependence refers to the influence that organizations create on each other\u2019s decisions, such as pricing and output decisions.<\/li>
    2. Existence of price rigidity: Under oligopolistic markets, organizations do not prefer to change the prices of their products as this can adversely affect the profits of the organization.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

      In oligopoly there are a small number of firms in the market. As per the norms, oligopoly consists of 3 -5 dominant firms.<\/p>\n","protected":false},"author":3,"featured_media":1615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-1731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commerce"],"yoast_head":"\nWhat is Oligopoly? - Goseeko blog<\/title>\n<meta name=\"description\" content=\"In oligopoly there are a small number of firms in the market. 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