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In an oligopoly, a very limited number of sellers have control over an entire market. All of the businesses in the oligopoly sell either similar or identical products, and there are numerous barriers for entering or exiting an oligopoly.

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1. Some oligopolies are entered into cartel agreements, which are agreements that specify how the firms under the agreements will act in a coordinated way to reduce competition among them.

2. Since there are few sellers in an oligopolistic market, sellers are more likely to base their behavior off of the behavior of other sellers. For example, if a company in an oligopoly lowers a price, other companies in the oligopoly are more likely to lower their price as well.

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Oligopolies can create price stability in the market. One example of this is cereal brands such as Kellogg's and General Mills setting a price for their products that is then copied by other cereal brands, creating a stable price for most cereals.

Since oligopolies have control over a specific market, they can use excess money for research and refining their products. For example, companies such as Apple and Samsung, which bring in a lot of revenue, are able to use some of their profits for creating new phone models and improving past phone models.

A limited number of products to choose from makes it easier for consumers to compare the items they want to buy and make more sound decisions. As an example, if you are trying to choose which phone you should buy and your options are limited to Apple, Samsung, and Google, it is easier to determine which phone suits your needs the best and you can make a more logical decision.

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Since there are few sellers in an oligopoly, buyers do not have as many options about what product they want to buy. For example, since there are very few major car manufacturers you have a more limited choice when buying a car and will most likely end up with a Ford or Toyota.

Oligopolies can collude, or create an agreement with each other about various factors of business such as  labor or prices. An example of this is airlines each flying to specific regions so they can keep the supply of flights to specific areas low and the price of tickets high.

The lack of competition allows companies to raise their prices or add fees to their products because the buyers do not have any other option. One example of this is internet providers such as T-Mobile adding hidden fees to their services that the buyers cannot escape since other internet providers are charging the same amount.

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Padlet Oligopoly Question - Samantha Anderson