The Oligopoly is defined as the market scenario and structure with the small number of companies, none of which can be keeping others from having the significant kind of influence. The respective concentration ratio helps in measuring the overall market share of the different largest firms and it can be defined as the aspect when small number of the firms collude, either in a tacitly or explicit manner which helps in restricting the output as to achieve the above normal market returns.
There are different kinds of conditions that enable oligopoly to exist which is inclusive of the high cost related to entry in the capital related expenditures along with the platform which helps in gaining value with more customers. The situation related to oligopoly is based on the different situations which includes the following scenario such as:
It is based on the product differentiation aspect in which the market can be classified as pure or perfect oligopoly or differentiated kind of oligopoly. The different between the pure and differentiated oligopoly does not play a vital role in analysis and in the real situations, the most oligopolistic industries help in providing differentiated products than the other competitors.
A duopoly is defined as the situation wherein the two organizations own all and nearly all the aspects of the respective market for the given product or service. A duopoly is the basic form of oligopoly and it is the market which is dominated by the different small number of other companies. The duopoly can have same kind of impact on the market as the monopoly if the different two players in the market collude on prices or output. The collusion helps in resulting the fact that in case of the different consumers who play high prices than they would in a market which is highly competitive in nature in the market.
For instance- Airbus and Boeing have been considered as the duopoly for their command of the different large passenger related airline manufacturing market. In the similar case, the Apple as well as Amazon dominate the e-book related marketplace and it helps in identifying the different factors which will be helpful for concentrated in the market. In case of the duopoly, it will be forcing each of the producers as to carefully consider the potential reactions of rivals to certain kinds of business related decisions. Duopolies are most effective when the demand for the duopoly’s products are not greatly affected by the price.
Collusion is defined as the non-competitive, secret or sometimes legal agreement between the different rivals that attempts in disrupting the equilibrium in the market. The act of collusion includes the different companies or people that would be able to compete with one another, however who conspires to work together as to gain the unfair market related advantage. In economics, collusion occurs when the two rival firms agree to work together such as setting of high prices in order to make higher profits. In the respective example, the competitive industry will be having price P1 and Q competitive in nature. If the different firms collude, they can be able to restrict output to Q2 and there will be increase the price to P2.
In the study of the economics and market competition, it can be identified that the collusion takes place within the industry when the different rival organizations cooperate for the mutual benefit. Collusion takes place within the structure of the market of oligopoly wherein the different decisions related to the few companies can collude significantly and it can impact the market as a whole.
The cartel is defined as the group of different producers which will be working together as to protect the interests. The different cartels are being created when the few large producers decide to cooperate with respect to the others aspects which are present in the market. Once it is formed, the different cartels can fix the prices of the different members so that the competition on the price can be avoided.
A cartel has less command over the entire industry than the monopoly wherein it is considered as the situation wherein the single group or the entire company owns all or the nearly products or services in the market. There can be some firms in the market which can be acting as though there is cartel and it can be undertaking the cartel like behaviour even though there is no formal cartel and it can be subjected to investigation by the different regulators.
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