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Homework answers / question archive / State any five (5) distinguishing characteristics of an oligopoly market structure

State any five (5) distinguishing characteristics of an oligopoly market structure

Marketing

State any five (5) distinguishing characteristics of an oligopoly market structure.

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  1. A few sellers: An oligopoly market is normally dominated by a few firms. For instance, the Australian supermarket sector is an oligopoly market dominated by two firms, that is, Coles and Woolworths.
  2. Interdependence among firms: Activities of one firm impacts the revenue of other firms. As a result, a firm always watches the marketing activities of rival firms and respond accordingly.
  3. High barriers to entry: This type of market has significant barriers to entry. Some of the sources of the barriers to entry include economies of scale, government policies, and control of key inputs.
  4. Kinked demand curve: The kinked demand curve in oligopoly help to explain why prices are often rigid in this type of market structure.
  5. Nature of product: The products in an oligopoly market can either be homogenous or differentiated.

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