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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 6 of 24
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- It's quite useful to identify or measure the degree of concentration in an oligopoly market. This is generally accomplished in one of three ways.
- Market Share: The simplest measure of concentration is the share of the market held by one or more firms in the industry.
- Concentration Ratio: This measure of concentration combines the market shares for the largest number of firms in an industry to indicate the degree of market concentration.
- Herfindahl Index: The Herfindahl index includes the market shares of all firms in the market.
- Consideration and analysis of concentration using either of these three measures is really only relevant for oligopoly.
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GEOGRAPHIC MOBILITY The mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location. In particular, geographic mobility is the ease with which resources can change locations. This is one of two types of mobility. The other is occupational mobility.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for attractive cable television service repair people.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"I've always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results. " -- Michael Jordan, basketball player
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