--%>

What is Oligopoly

Oligopoly: This is a form of the market in which there are some big sellers of a commodity and a big number of buyers. There is a high degree of interdependence between the sellers regarding their price and output policy.

   Related Questions in Microeconomics

  • Q : Causes of decrease in demand Illustrate

    Illustrate any three causes of decrease in demand? Answer: 1) Reduce in income of consumer. 2) Fall in the price of alternate good.3) Increase in the price of complementary goods.

  • Q : Shut Down Point of monopolist A

    A monopolist will shut down within the short run while its equilibrium price as: (1) equals short-run average cost. (2) exceeds marginal cost. (3) is less than average variable cost. (4) is less than average fixed cost.

  • Q : Changes in price and supply of market

    Assume that a main oil spill occurred off the Alaskan coast within the waters where many wild salmon Americans eat is caught. So, what will occur to the price and supply of salmon within the US? (w) no change  (x) supply = fall, price = rise 

  • Q : Requirements for pure competition The

    The needs for pure competition are most intimately met by the market for: (i) domestic (American) steel. (ii) comic books. (iii) sugar-coated cereal within your local grocery store. (iv) stocks and bonds traded on Wall Street after they have been issu

  • Q : What is market Give the answer of

    Give the answer of following question .A market: A) reflects upsloping demand and downsloping supply curves. B) entails the exchange of goods, but not services. C) is an institution that brings together buyers and sellers. D) always requires face-to-face contact betwe

  • Q : Accepting prevailing market price by

    Unlike firms along with substantial market power, price takers: (w) control the prices of purchases or sales, but not their quality. (x) have no choice but to accept the prevailing market price. (y) adjust output and price to maximize profit. (z) are

  • Q : Problem on Jurisdictional Strikes The

    The Taft-Hartley Act prohibited strikes against the firm over the issue of which of two or more competing unions would symbolize the firm’s employees. These strikes are termed as: (i) Jurisdictional strikes. (ii) Strategic representation strikes

  • Q : Determine price of unitary price

    St. Valentine’s Day software is currently going in version of 6.0. At this point on the demand curve where the price elasticity of demand is unitary, there the price would be approximately: (i) $20, resulting in roughly 16 milli

  • Q : Affects in Great Depression State what

    State what affect the most in Great Depression?

  • Q : Market power at output market The

    The profit-maximizing firm which is perfectly competitive in the resource market however which consists of market power in the output market will hire the labor at a point where: (p) VMP = MRP = MFC = w. (q) VMP > MRP = MFC = w. (r) VMP = MRP = MFC > w. (s) VMP