Principles of Microeconomics / Unit 9 MIC 0815 short lesson, about 20 seconds
Oligopoly Defined
Captions available
The idea
An oligopoly is a market dominated by a few large firms, with high barriers to entry. Products may be identical, as in steel, or differentiated, as in cars.
In practice
Two airplane makers; three wireless carriers; four cereal firms.
Where people slip
Few is not a number. The test is whether each firm must watch what the others do.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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