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1. Consider the 3 market structures we have
learned so far
2. What do they seem to depend on?
Bade/
Parkin
Ch18
Perfect
Competition
Monopolistic
Competition
Oligopoly Monopoly
Oligopoly
 Features:
 Few large firms
 Very similar products
 Interdependent
 Firms compete on products, not price
 ...
Measuring Market Concentration
 Concentration ratio: the percentage of the
market’s total output supplied by its four lar...
Concentration Ratios in Selected U.S.
Industries Industry Concentration ratio
Video game consoles 100%
Tennis balls 100%
C...
OLIGOPOLY6
The Size of the Oligopoly
 As the number of firms in the market increases,
 the price effect becomes smaller
...
Special type of Oligopoly
 Duopoly
 Oligopoly with only 2 firms
 Comic books
 Coke vs. Pepsi
What type of market?
What type of market?
What type of market?
What type of market?
What type of market?
 Movie theaters inTucson
What type of market?
 BroadcastTV
What type of market?
What type of market?
What type of market?
03 ch17 oligopoly
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03 ch17 oligopoly

  1. 1. 1. Consider the 3 market structures we have learned so far 2. What do they seem to depend on? Bade/ Parkin Ch18
  2. 2. Perfect Competition Monopolistic Competition Oligopoly Monopoly
  3. 3. Oligopoly  Features:  Few large firms  Very similar products  Interdependent  Firms compete on products, not price  Very difficult to start new firm  Very difficult to close down firm  Not fully informed consumers
  4. 4. Measuring Market Concentration  Concentration ratio: the percentage of the market’s total output supplied by its four largest firms.  The higher the concentration ratio, the less competition.
  5. 5. Concentration Ratios in Selected U.S. Industries Industry Concentration ratio Video game consoles 100% Tennis balls 100% Credit cards 99% Batteries 94% Soft drinks 93% Web search engines 92% Breakfast cereal 92% Cigarettes 89% Greeting cards 88% Beer 85% Cell phone service 82% Autos 79%
  6. 6. OLIGOPOLY6 The Size of the Oligopoly  As the number of firms in the market increases,  the price effect becomes smaller  the oligopoly looks more and more like a competitive market  P approaches MC  the market quantity approaches the socially efficient quantity Another benefit of international trade: Trade increases the number of firms competing, increases Q, brings P closer to marginal cost Automakers as example
  7. 7. Special type of Oligopoly  Duopoly  Oligopoly with only 2 firms  Comic books  Coke vs. Pepsi
  8. 8. What type of market?
  9. 9. What type of market?
  10. 10. What type of market?
  11. 11. What type of market?
  12. 12. What type of market?  Movie theaters inTucson
  13. 13. What type of market?  BroadcastTV
  14. 14. What type of market?
  15. 15. What type of market?
  16. 16. What type of market?

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