Abstract: This chapter examines oligopoly, another type of market structure which has elements of monopoly power. The oligopoly also involves some degree of competition. An oligopoly is a relatively common form of market structure, and therefore an important one to study and understand. In particular, governments are interested in the impact of an oligopoly on prices and output. The chapter expounds on the significance of interdependence in an oligopoly. It distinguishes the different models of behaviour in an oligopoly. It also introduces the concept of a cartel. Lastly, the meaning and significance of game theory is discussed.
Publication Year: 2019
Publication Date: 2019-03-29
Language: en
Type: book-chapter
Indexed In: ['crossref']
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