ECO 204 Week 3 Assignment Oligopolies

Apr 16th, 2015
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OligopoliesPrinciples of MicroeconomicsECO204Are Oligopolies always bad for society? I would disagree that oligopolies are always bad for society because with oligopolies there is really no price competition. Oligopolies are defined as "a form of industry structure characterized by a few dominates firms. Products may be homogenous or differentiated." (Case, Fair & Oster, pg. 283) In the chapter reading there were very good examples on how oligopolies effect society; while at times the prices may be slightly higher than the cost to produce the item all companies that are producing the item will be within the same price range.One may ask how a company will make money if the entire product falls in the same price bracket. In oligopolies companies are always in competition for newer technology and keeping up with the latest demands from its consumer, this is what allows a company that's in an oligopoly stand out above the rest. When it comes to items such as televisions, we have different brands of televisions which are produced by different companies but each company is able to make a profit because as a consumer we will tend to buy a product which we have always

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