4.3.1 From the extract, list any ONE feature of an oligopoly.

4.3.2 What other economic term describes the nature of the product sold by oligopolies?

4.3.3 Explain the term "entry barrier."

4.3.4 Why do firms collude with one another?

4.3.5 How does branding assist a company operating in an oligopoly market structure?

Question

17-08-2023
Business

High School

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4.3.1 From the extract, list any ONE feature of an oligopoly.

4.3.2 What other economic term describes the nature of the product sold by oligopolies?

4.3.3 Explain the term "entry barrier."

4.3.4 Why do firms collude with one another?

4.3.5 How does branding assist a company operating in an oligopoly market structure?

Answer :

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JessicaJessy JessicaJessy · Answer 1 · 2024-01-05T02:01:31-05:00

4.3.1 One feature of an oligopoly is that there are only a few firms that dominate the market. This means that each firm holds a significant share of the market and can affect market prices and output.

4.3.2 The nature of the product sold by oligopolies is often described as either 'homogeneous' or 'differentiated'. Some oligopolies deal in standardized products, while others offer slightly different products that distinguish them from competitors.

4.3.3 An 'entry barrier' is an obstacle that makes it difficult for other firms to enter into a particular market. These barriers can be in the form of high initial costs, strict regulations, or strong brand loyalty among consumers. These barriers protect the firms already in the market from new competition.

4.3.4 Firms collude with one another to reduce competition among themselves and increase their profits. By working together, they can set higher prices or control market output, which can lead to increased profits for all the firms involved. However, collusion is often illegal as it can harm consumers by leading to higher prices and reduced choices.

4.3.5 Branding assists a company operating in an oligopoly by helping to differentiate its products from those of its competitors. Strong branding can create customer loyalty, making it more challenging for new entrants to attract customers away from established brands. Additionally, a strong brand can command a premium price and increase market influence.