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Characteristics of Oligopoly definitions

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  • Oligopoly
    A market structure with few producers, allowing some control over price and strategic interaction among firms.
  • Duopoly
    A special case with only two producers, often resulting from economies of scale and strategic rivalry.
  • Market Power
    The ability to influence price due to limited competition, stronger than in perfect competition but weaker than monopoly.
  • Barriers to Entry
    Obstacles preventing new firms from entering, such as resource ownership, regulation, or cost advantages.
  • Economies of Scale
    Cost advantages from increased production, leading to lower average costs and favoring fewer, larger firms.
  • Ownership of Key Resources
    Exclusive control over essential inputs, restricting access for potential competitors and maintaining market dominance.
  • Government Regulation
    Legal restrictions, including patents, that protect incumbents and limit new entrants in the market.
  • Interdependence
    Mutual reliance among firms, where each considers rivals' actions when making pricing or output decisions.
  • Price Maker
    A seller with some discretion to set prices, unlike in perfect competition, but still constrained by rivals.
  • Identical Goods
    Products with no distinguishable differences, such as aluminum, supplied by a few firms in the market.
  • Differentiated Goods
    Products with unique features or branding, like Coke and Pepsi, offered by limited suppliers.
  • Minimum Efficient Scale
    The lowest production level where average costs are minimized, often achieved by large firms in oligopoly.
  • Natural Duopoly
    A situation where only two firms efficiently meet market demand due to substantial economies of scale.