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Lecture notes 4.1.3 Oligopoly £7.49   Add to cart
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  3. PEARSON (PEARSON)
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  5. Economics B
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  7. Unit 4 - Making markets work

Lecture notes

Lecture notes 4.1.3 Oligopoly
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These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.

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  • June 15, 2023
  • 1
  • 2022/2023
  • Lecture notes
  • Paddingtion zinzombe
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  • 411 spectrum of competition 412 barriers to e

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4.1.3 Oligopoly

 A market characterized by a small number of firms who realize they are interdependent in their
pricing and output policies
 Firms can operate in an oligopolistic market
 Market that has oligopolistic behaviour
o Independent firms with stable prices collude
 Concentration Ratios
o Combined MarketShare of top few firms in market
o The higher the concentration ratio the less competitive the market
 Competition In oligopoly
o Collusive behaviour
 Firms agree to work together on something
 Set a price or fix the quantity of output they produce
 Collusion leads to lower consumer surplus higher prices and greater profits
 Allows oligopolist to act as monopolist
 Strong incentives to collude
 Maximise their business potential
 Deter new entrants
o Non-collusive behaviour
 Firms compete to establish a competitive oligopoly

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