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1) Oligopoly markets have few sellers
2) It is hard for sellers to join this market
3) The products being sold are identical or similar

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1. Similar to monopolistic companies, oligopolistic companies are price searchers. This means they have the freedom to raise the price of their goods and still be able to sell them.
2. Between existing sellers the completion in an oligopoly market is stiff (Ford vs Toyota). But because the market is hard to join there is little completion between existing sellers and new sellers.
3. Oligopolistic firms work together to set prices that generate the most income for all the companies. This is called a cartel agreement (illegal in the US).

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1. Relatively stable prices
2. Result in higher profits for the companies. Which in turn results in higher wages.

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1. High entry barriers (hard to join the market as a seller)
2. Limited consumer choice. There are few sellers with identical or very similar products.

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