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20th March 2002 Kingtoi Ho IB1 Characteristics of Oligopolies The definition of an oligopoly is a market structure under the control of a few firms. This structure allows for almost complete control over the market, making them price makers. As stated in Stanlake1, mostly mergers and amalgamation (combining of firms), bring about the oligopoly structure. The characteristics of an oligopoly are written below, also a large subject in Oligopolies is collusion. That is also discussed below. Characteristics given by Stanlake involve: the barriers to entry, the variation of the competing products, supernormal profits in the long-run, stickiness of price, domination of a few small firms at the top and most importantly the no-price competition undergone. Another found under the works of the Howard Community College2, are those involving the interdependency of the firms. Stanlake shows there are barriers to entry, disallowing incapable firms to enter the market. Incapability may reflect few companies having funds,...

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