Oligopolies Flashcards
1
Q
what is a concentrated market?
A
industries dominated by just a few companies (even though there may be many firms in that industry overall)
2
Q
what is the level of domination measured by?
A
the concentration ratio
3
Q
what is competitve behaviour?
A
when the various firms dont cooperate but compete with each other, esp on price
4
Q
what is collusive behaviour?
A
when the various firms cooperate with each other, esp over what prices are charged
