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| Large # of firms- whatever one firm does has no effect on the market |
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| Only one Firm supplies a good or service |
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| Large number of Firms - but each firm's Brand is slightly different. Product Differentiation is what makes it different from Perfectly competitve - Beer |
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| Smart # of Firms but each firm is large enough to effect the other firms in the market.Can be differentiated- Cars |
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Cartel
Kinked Demand
Cournot Model |
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Definition
| In Oligolopy the firms do not know the demand. So where MR = MC is shifting. They must predict how competition responds to price change |
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OPEC- they act and react to each other so that all are at MC = MR
Price Discrimination Result like in the airlines. |
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