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Oligopoly |
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oligopoly: see monopoly monopoly , market condition in which there is only one seller of a certain commodity; by virtue of the long-run control over supply, such a seller is able to exert nearly total control over prices.
..... Click the link for more information. . oligopolyMarket situation in which producers are so few that the actions of each of them have an impact on price and on competitors. Each producer must consider the effect of a price change on the others. A cut in price by one may lead to an equal reduction by the others, with the result that each firm will retain about the same share of the market as before but with a lower profit margin. Competition in oligopolistic industries thus tends to manifest itself in nonprice forms such as advertising and product differentiation. Oligopolies in the U.S. include the steel, aluminum, and automobile industries. See also cartel, monopoly. oligopoly Economics a market situation in which control over the supply of a commodity is held by a small number of producers each of whom is able to influence prices and thus directly affect the position of competitors Oligopoly a term used in bourgeois economics to designate a form of market structure in developed capitalist countries. Under oligopolistic conditions several large firms monopolize the bulk of production and marketing and conduct nonprice competition among themselves. The term “oligopoly” was introduced by the English writer T. More, the founder of Utopian socialism, in his Utopia (1516). A mixture of monopoly and competition, oligopoly is characteristic of almost all branches of present-day capitalist mass production. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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No references found | seem to be arguing that the effects of natural resources on an economy depends on the characteristics of the natural resources, resources such as oil lend themselves to large oligopolistic producers to take advantage of technology and scale economies. Smith (1987) showed that, depending on the nature of the oligopolistic equilibrium, tariffs may or may not induce FDI, they may or may not change the market structure, and they may have pro- or anti-competitive effects. Role of policy makers - One of the crucial impediments to an efficient solution in the spectrum market is the oligopolistic structure of the telecom industry in India and the relationship with the government. |
oligopolistic |
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