The characteristics you described are typical of Oligopolies. In an oligopoly, a small number of firms dominate the market, which can feature homogenous or differentiated products. Additionally, there are high barriers to entry, allowing the existing firms to hold significant market power.
________________________ characteristics are: 1) a small number of firms that dominate the market; 2) products can be homogenous or differentiated; 3) there are high barriers to entry; 4) the existing firms in the market have significant market power.
Pure competition
Monopolies
Monopolistic competition
Oligopolies
1 answer
1 answer