https://padlet.com/anavalya/awzo3wg6en2f9v7p en-us 2023-05-11 16:55:23 UTC 2025-12-07 17:01:54 UTC hello@padlet.com anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2587520043 1) It has few sellers
2) Firms produce and sell identical or slightly similar products
3) The entry into the market is difficult]]> 2023-05-11 17:01:31 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2587520043 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2589051671 2023-05-12 18:21:33 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2589051671 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2589053585 Apple is an excellent example of an Oligopoly. Apple has only a few competitors (such as Samsung) that sell electronics like smartphones, which are quite similar to the ones Apple produces yet different.]]> 2023-05-12 18:23:34 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2589053585 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2589059585 Oligopolistic firms have some control over the price they charge, and can be determined by the % of sales that are accounted for by the top four firms in the industry (fewer firms account for a large % of sales = oligopolistic).]]> 2023-05-12 18:30:27 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2589059585 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590647681 2023-05-15 03:59:48 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590647681 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590649958 2023-05-15 04:02:16 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590649958 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590655549 1) Oligopolies offer information to their consumers in order to gain more consumers
- ex: Apple draws attention to their company by investing more into its brand and making itself appear superior such as through the creation of Siri, producing devices such as the Apple Watch that accompany the iPhone, etc.

2)  More product refinement occurs
- ex: When refinement occurs, existing products can be made even better. This is common for Apple to do as they are always releasing newer iPhones that have a similar design to the older ones, yet offer better things like security, quality, etc.]]> 2023-05-15 04:08:01 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590655549 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590690026 1) Fewer choices for consumers
- ex: If no other options are available for a consumer to purchase, then no products meet their expectations. The consumer then either has to purchase something that gives them the bare minimum of what they require or nothing at all. An example of this would be having the choice of only two airlines at the local airport with similar ticket prices.

2) Can lead to decision-making bias
- ex: Oftentimes, consumers may be manipulated when making the decision to purchase something. This is especially common online with biased reviews on certain products which can influence consumers to make purchases that have no benefit in their lives. A well-known example of this would be the lifelong debate of "Apple vs. Samsung." Consumers loyal to Apple products may state things such as having access to iMessage and FaceTime which Android users don't have, while Samsung users can argue that their camera quality is better than Apple's.]]> 2023-05-15 04:42:07 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2590690026 anavalya https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2591235765 2023-05-15 12:27:17 UTC https://padlet.com/anavalya/awzo3wg6en2f9v7p/wish/2591235765