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What does an oligopoly market look like? 

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What does an oligopoly market look like? 

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An oligopoly market has few sellers.
Everyone in an oligopoly market is selling identical and or similar  products.
There are also many obstacles to enter and or leave the market.

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Another example of an oligopoly is the airline industry.

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Another example of an oligopoly is the airline industry.

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One cannot wake up one morning and simply enter the airline market. There are fewer sellers compared to other markets and they are all selling the same product/service.

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What are the pros of an oligopolistic market? 

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What are the pros of an oligopolistic market? 

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Almost all the benefits of an oligopoly are for the companies in them.
Pros.
- The companies in an oligopoly are able to make significant profits due to the limited market size.
- Low level of competition meaning companies may not have to adapted as much.
- Companies can also work to keep all their prices high meaning they all make a greater profit.

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A example of a oligopoly is the oil industry.

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A example of a oligopoly is the oil industry.

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It carries all the traits of an oligopoly. There are few producers of oil. The market is hard to enter. Along with the fact they all produce the exact same project.l

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What are the cons of a Oligopolistic market?

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What are the cons of a Oligopolistic market?

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Almost all of the cons affect consumers more than companies in an Oligopoly market.
Cons
- Companies can mutually agree to keep prices high to earn a greater profit. This is a con for the consumer because in Oligopolistic markets there are only a few sellers. This leaves consumers having to purchase the goods or service at the higher price.
- Companies in Oligopolistic markets don't have to innovate as much as companies in monopolistic markets. Since there are fewer companies selling the product and a hard barrier to enter the market they are usually better off making the same product since they don't need to convince the buyer.
- As touched on in the con above. the market is hard to enter meaning there will always be limited choices for consumers. Zero variety and less competitive prices act against the consumer. A real world example of this was gas prices during 2020-2021. During the middle to late part of 2020 gas prices dropped. This drop benefited the consumer. Yet in the same breath it was a disadvantage for the consumer. As once the companies realized they were either losing or breaking even on profits the prices shot up again.

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