9 min read
This study guide covers oligopolies, a market structure dominated by a few large firms. Key topics include: defining oligopolies and their types (colluding/cartels and non-colluding), characteristics (few firms, high barriers to entry, price makers, etc.), and game theory (payoff matrix, dominant strategies, Nash Equilibrium). It also includes market structure comparisons and practice questions covering these concepts, including examples using payoff matrices and FRQs.
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Question 1 of 10
Ready to test your knowledge? 🤔 An oligopoly is BEST described as a market:
With many small firms competing fiercely
Dominated by a single large firm
Where a few large firms have significant market power
With no barriers to entry or exit