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Explain the main features of the behaviour of firms which operate in an oligopolistic market (10)
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Explain the main features of the behaviour of firms which operate in an oligopolistic market (10) An oligopolistic market is one which has several main firms that dominate the market and the labour supply is concentrated around them. All firms are interdependent and the actions of one firm will directly affect another, all products are differentiated but there are close substitutes to them. Within the market there are high barriers to entry and exit and collusion may occur. A firms behaviour in an oligoplistic market is much dependant on that of the other firms. As there is no competition on price they must compete on other aspects of the marketing mix such as place and promotions, this means that firms will have to invest into Research and Development in order to improve their product and make it seem more attractive to consumers. In an oligoplistic market there are no diseconomies of scale...
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