Oligopoly by

kyang020_ — 2023-11-09 20:41:20 UTC

Our bakery will insist on recommendations, along with our own recipes. Our family recipes will always be available and you can also customize what you would like on your baked goods.

Add your opinion on these options for our future baked goods:

kyang020_ — 2023-11-09 20:43:39 UTC

Textbook facts:

kyang020_ — 2023-11-09 20:56:46 UTC

Oligopolies have few sellers
They usually sell very similar goods or services
The barriers to enter in oligopolies are somewhat difficult.

Common Questions about Oligopolies

kyang020_ — 2023-11-13 23:40:08 UTC

How much competition do Oligopolist face?

-it all depends on the desire for whatever is being produced, for example our bakery has some competition with other bakers as well

How close to unique is an oligopolist's product?

-the rareness of products being the exact same when comparing the two is unlikely

kyang020_ — 2023-11-13 23:42:01 UTC

Advantages:

kyang020_ — 2023-11-13 23:58:28 UTC

-lower levels of competition

-larger profit for higher potential

-smaller firms get more fair prices

Disadvantages:

kyang020_ — 2023-11-13 23:59:56 UTC

-there's a lot of barriers when it comes to entering an Oligopolistic Market Structure

-in order to make a profit they usually produce less output

-sometimes firms prices will raise depending on how high the profits are and how much is deadweight lost