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identify an oligopolistic industry in practice?
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INTRODUCTORY MICROECONOMICS Autumn Term Essay Chosen Question: How would you identify an oligopolistic industry in practice? Use your criterion to identify one or more oligopolistic industries in the UK. From casual observation, to what extent do you think the behaviour of firms in the industry (industries) you have identified, corresponds to that described in any theoretical model of oligopolistic behaviour? An oligopolistic market or industry exists when it is dominated by a few large companies and a large proportion of the market is taken up by these companies. The word is derived from the Greek for few sellers1. It follows that these sellers are also dominant buyers in the industry too. Such a market or industry can appear to be highly competitive because each producer fights hard for particular market niches. However this competition is usually in non-price form, such as special offers and advertising because there is often a large degree of rivalry...
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