a) Characteristics

a) characteristics of oligopoly: high barriers to entry and exit, high concentration ratio, interdependence of firms, product differentiation

characteristics

  • high barriers to entry/exit

    • branding

    • high start-up costs

    • sunk cost fallacy

  • high concentration ratio

  • firm interdependence

    • price wars

    • output change effects on price

  • differentiated product

    • branding