Good, otherwise too short Good, otherwise too short :) There are four market structures in our economy today : Perfect competition, monopolistic competition, oligopolies and monopolies. This essay shall describe the oligopoly market.         The definition of an oligopoly states that in an industry, a small number of firms dominate the market. There are a low number of firms in the industry, becasue and adding to the barriers to entry. The barriers of entry to an oligopolistc market …showed first 75 words of 358 total…

…showed last 75 words of 358 total…each other in the market area. These two above practises are ways of government intervention that regulate the conduct of oligopolies.         Australian examples of oligopolies include, Hoyts, Kelloggs, Bridgestone, Dunlop, Carlton United, Dulux and Coca Cola.         In conclusion,          * Oligopolists tend to adopt a similar price, for similar products, * If price is to be raised, the firms find it best to do so together. * Oligopolists avoid price wars. * Sales competition, not price competition is their area.