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Answer this quiz question to check your understanding!

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Answer this quiz question to check your understanding!

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1. Price discrimination occurs when a business charges different prices to different buyers without any cost differences. If the intention is to harm competitors, it is illegal.
2. A cartel agreement is an agreement that specifies how firms will act in a coordinated way to reduce competition. OPEC is a well-known cartel.

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1. Fewer consumer choices (Example: Delta, United, Southwest, and American make up the majority of airline choices.)
2. Higher prices for consumers (Example: Collusion can allow an increase in price without fear of competition.)

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1. Simple choices for the consumer (Example: Most people choose between Samsung and Apple cell phones.)
2. High profits for dominant firms (Example: Airline companies can work with each other to sell their tickets for more.)

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Company Profile: Our company is named Raylinderz Airlines, after our founders, Rachel and Melinda. We provide Americans international and domestic flights to over 200 destinations. Our mission is to give every one of our passengers the luxurious comfort and safety we are known for on every flight.

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How to Identify an Oligopolistic Market? 

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How to Identify an Oligopolistic Market? 

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Analyze the percentage of sales accounted for by the top few industries. If only a few firms account for a large percentage of the sales, it is an oligopolistic market.

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-Airlines (Delta and Sun Country)

-Technology (Apple and Android)

-Groceries (Sam's Club and Costco)

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Characteristics:
1. It has only a few sellers.
2. Firms produce either identical or similar products.
3. Barriers to entry are significant. (difficult entry in market)