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  • Lauren Freeman Partnership in Oligopoly
  • I have a test in economics today and if I don't pass, I'll fail this six weeks.
  • Hey Maria, why are you upset?
  • What is Oligopoly?
  • It is a state of limited competition, that is shared by a small number of producers or sellers
  • In Oligopoly, there are only 2 or 3 large firms that work on their own or as a team. They can set prices higher and the output lower than in a purely competitive market.
  • Explain the basics of it to me.
  • The reason for the high barrier is to keep other companies from entering to compete with existing firms, thus making competition limited.
  • Is there a barrier to entry?
  • Partnership is a business owned by 2 or more people who agree on profit and responsibilities.
  • Test over Market Structures and Business Organizations!!
  • Sole Proprietorship? is owned by an individual. thus making it a business organization since it would be owned by a company.
  • Test over Market Structures and Business Organizations!!
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