Oligopoly: This is a form of market organization in which there are few sellers of a homogeneous or differentiated product. Unlike the other forms of market.

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Presentation transcript:

Oligopoly: This is a form of market organization in which there are few sellers of a homogeneous or differentiated product. Unlike the other forms of market structure that we have discussed, a firm in Oligopoly makes pricing and marketing decision in light of the expected response by rivals.

Characteristics of Oligopoly: Few Sellers: A handful of firms produce the bulk of industry output. Homogeneous or unique product: If product is homogeneous, then we have “Pure Monopoly”. If product is differentiated, then we have “Differentiated Oligopoly”. Blockaded Entry and Exit: Firms are heavily restricted from entering or leaving the industry. Imperfect Dissemination of Information:

Different Measures of Market Concentration: Concentration Ratios: This is the percentage of total industry sales of the 4, 8 or 12 largest firms in the industry. Herfindahl Index: This is the sum of the squared values of the market shares of all the firms in the industry.

The Kinked Demand Curve Model: Price P Q Quantity

Price P Q Quantity

Price P Q Quantity

Centralized Cartels: MC2 MC1 P P P D MR q1 q2 Q

Price Leadership: Price, MC MCF MC P D DL MR QL QF Quantity