https://padlet.com/kwoll01/l2gynk1xzt2xi93s en-us 2023-05-11 16:55:18 UTC 2023-05-15 15:27:25 UTC hello@padlet.com kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2587522211 - A market in which there are few sellers
- All firms sell products that are either identical or similar
- There are many barriers to enter and exit this market]]> 2023-05-11 17:03:05 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2587522211 kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2590651388 2023-05-15 04:03:53 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2590651388 kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2590698463 - Businesses in oligopolies are more likely to base their behavior on other businesses compared to those in other business structures
- A market is considered oligopolistic if only a few firms account for a large percentage of sales]]> 2023-05-15 04:48:56 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2590698463 kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591395811 - Firms can get together and fix prices, which impacts consumers negatively. For example, the CEOs of 3 of the biggest airlines might get together and decide that none of them will charge below $900 for a flight to Hawaii.
- It is a very difficult market for businesses to enter]]> 2023-05-15 14:12:15 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591395811 kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591467554 - Cartels don't usually last long because there is too much incentive to cheat which is good for consumers. For example, the CEOs of 3 airline might agree to charge a certain price for a certain flight route, but one of them may decide to lower their prices so that they can get more business
- Businesses often base their behavior on one another. If one business lowers the price for something, other businesses will likely follow suit and lower the price for that same good.]]> 2023-05-15 14:59:41 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591467554 kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591481453 2023-05-15 15:09:39 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591481453 kwoll01 https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591506835 2023-05-15 15:26:39 UTC https://padlet.com/kwoll01/l2gynk1xzt2xi93s/wish/2591506835