oligopoly

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Title: oligopoly

Essay Details:

Subject: Business

Author: Christian L

Date: January 17, 2013

Level: University

Grade: A

Length: 2 / 438

Essay text:

This typically happens in market for inputs where a small number of firms are competing to obtain factors of production. This also involves strategic interactions but of a different nature than when competing in the output market to sell a final output. Oligopoly refers to the market for output while oligopsony refers to the market where these firms are the buyers and not sellers (eg. a factor market). A market with a few sellers (oligopoly) and a few buyers (oligopsony) is referred to as a bilateral oligopoly. The terms monopoly (one seller), monopsony (one buyer), and bilateral monopoly have a similar relationship...

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