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Limited number of sellers, excess buyers = high cost 

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Limited number of sellers, excess buyers = high cost 

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Collusion benefits both buyers and sellers

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Collusion benefits both buyers and sellers

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Collusion moved the market price.

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When there is oligopoly demand is high and supply may determine prices

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Consumers and producers shape markets

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Monopoly distorts equity and efficiency

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An oligopoly drives the market by increasing price

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An oligopoly drives the market by increasing price

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Supply and demand lead to price determination

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Market prices will fluctuate when there is an oligopoly 

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Market prices will fluctuate when there is an oligopoly 

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Shortage in supply leads to price increases, all other things being equal

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Shortage in supply leads to price increases, all other things being equal

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The less sellers in the market, the easier for sellers to gain profit.

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The less sellers in the market, the easier for sellers to gain profit.

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Government interference may lead to a oligopoly which distorts the market

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When there is oligopoly demand is high and supply may determine prices

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-A decrease in supply/increase in demand establishes an equilibrium (driving the price up)

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-A decrease in supply/increase in demand establishes an equilibrium (driving the price up)

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Prices in a market depend on the balance between numbers of buyers and sellers, and the quality of information each have

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Prices in a market depend on the balance between numbers of buyers and sellers, and the quality of information each have