Oligopoly. Oligopoly A market structure in which a small number of interdependent firms compete. The approach we use to analyze competition among oligopolists is called game theory . 1. LEARNING OBJECTIVE. 13 - 1. Examples of Oligopolies in Retail Trade and Manufacturing.
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13 - 1
Examples of Oligopolies in Retail Trade and Manufacturing
Barrier to entryAnything that keeps new firms from entering an industry in which firms are earning economic profits.
13 - 1
Economies of Scale Help Determine the Extent of Competition in an Industry
Economies of scaleEconomies of scale exist when a firm’s long-run average costs fall as it increases output.