Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Question

List the characteristics of an oligopolistic market?
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Question

Explain 'rigidity of prices'?
Remaining cards (6)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Oligopoly

QuestionAnswer
List the characteristics of an oligopolistic market? Few sellers, interdependence between firms, product differentiation occurs, barriers to entry, collusion may occur, non-price competition is more common than price competition.
Explain 'rigidity of prices'? This occurs when prices tend not to change when costs change. This is because firms are fearful of the likely reaction of their competitors should they change prices.
Explain an elastic demand curve under oligopoly? If this firm increases its price others will leave their prices unchanged so this firm will lose many customers.
Explain an inelastic demand curve under oligopoly? If the firm lowers its price others will match this price decrease so this firm will gain few additional customers.
List the different types of collusion that may occur in an oligopolistic market? Pricing policy(limit pricing), production(output)policy, sales territories, implicit collusion.
List objectives other than profit maximisation? Government intervention, managers not owners, limit pricing, satisfactory profit levels, managers may pursue increased sales.
State examples of markets that you may consider to be oligopolistic? Mobile phones industries, retail banking, petrol companies, supermarkets and newspaper industries.
Created by: deborahh
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards