An important Therefore, government supervision and regulation is often necessary to maintain balance in monopoly markets. Characteristics of Oligopoly Markets An oligopoly market is a type of market structure where only a few companies dominate an entire industry or a particular market. In this market, there are several main characteristics: Several Dominant Players Oligopoly markets are characterize by the existence of only a few large companies or dominant players that dominate most of the market.
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The number of oligopoly players can vary depending on market size and industry sector. Level of Control over Prices Firms in oligopoly markets have significant ability to influence the price of products or services. Although they do not have total control Philippines Mobile Number List as in monopoly markets, they still have power in determining market prices. Intense competition Oligopolies are often characterize by intense competition between large companies vying for market share. This competition can take the form of price reuctions, product innovation, or aggressive marketing campaigns.
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Copy-imitate ( Follow-the-Leader ) In an oligopoly, one firm often follows the actions taken by its main competitors. If one company raises prices or releases Singapore WhatsApp Number List a new product. Others may follow suit in an effort to maintain their market share. Differentiate Products Oligopoly can produce similar or identical products, but there is often an attempt to create differentiate products to attract customers.
