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What is Gr13 Oligopoly Notes about?
An oligopoly is a market structure dominated by a few firms, leading to high concentration ratios that indicate limited competition. Key characteristics include interdependence among firms, strategic decision-making, and barriers to entry that can be natural or artificial. Oligopolies can engage in collusion or prefer non-price competition to avoid price wars, and while they can lead to inefficiencies and reduced consumer choice, they may also drive innovation and competitive strategies.
- Author
- chrisellevarghese
- Language
- EN