My Oligopoly padlet by Grant Weber https://padlet.com/gweber24/k3wvisnspd3yf464 Oligopoly explanation en-us 2023-05-11 16:55:35 UTC 2023-05-13 18:54:32 UTC hello@padlet.com https://padlet.net/icons/png/1f6a9.png OLIGOPOLY gweber24 https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2588799856 An Oligopoly is a market dominated by a small number of suppliers. They can be found across the globe. While some Oligopoly markets are competitive, others cooperate to control the market's prices that way everyone gets a cut of the profits.]]> 2023-05-12 14:36:00 UTC https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2588799856 Textbook Info gweber24 https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589006144 1. It is easier for the limited sellers in an oligopolistic market to coordinate together and discuss common issues than for the many sellers in either a perfectly competitive or a monopolistic competitive market to do the same.

2. The conditions that characterize oligopoly, an oligopolist’s product is not unique. Some oligopolists produce an identical good (such as steel), and others produce a slightly differentiated product (such as cars).]]> 2023-05-12 17:36:24 UTC https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589006144 Google Form gweber24 https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589011435 https://docs.google.com/forms/d/e/1FAIpQLSeaUhGbT6en-_7_LJ_nYk1NyffAF-fJZ2yO1ZkBUqWtA8LTzg/viewform?usp=sf_link ]]> 2023-05-12 17:41:18 UTC https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589011435 Advantages and Disadvantages gweber24 https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589013495 Advantages: 
Oligopolies adopt a highly competitive strategy in which case they can generate similar benefits, such as lower prices. 
Oligopolies can also be dynamically efficient in terms of innovation and new product and process development.

Disadvantages: 
High concentration reduces consumer choice.
Cartel practices reduce competition and can lead to higher prices and reduced output.
Given the lack of competition, oligopolists may be free to engage in the manipulation of consumer decision making.]]> 2023-05-12 17:43:25 UTC https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589013495 gweber24 https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589690026 2023-05-13 18:54:28 UTC https://padlet.com/gweber24/k3wvisnspd3yf464/wish/2589690026