Hi Everyone,
Welcome to my fourth market structure video in the series. Today I am covering oligopoly. This video series is intended to supplement my written posts on market structures. Video offers another medium for me to bring my content to you. Everyone has their own preference to how they like to consume content.
Quick Summary of the main points in the video
This video investigates and explains the oligopoly market structure. The oligopoly market structure has many real life examples. Many of the world’s largest firms such as Facebook, Apple, Google, and Microsoft belong in oligopoly market structures.
Oligopoly has the following characteristics:
- Very few sellers
- Strong barriers to entry
- Firms are able set their own prices in cooperation with the other large firms in the market
- Supernormal profits in both the short-run and long-run
- Some form of product differentiation normally exists
- Allocative efficient price and quantity is almost never achieved
- Products are often promoted through advertising; advertising can be excessive in some cases.
Oligopoly market structures have a strong hold over the media, entertainment, and food markets. Many companies often fall under the umbrella of just one big mega company. This is often not always apparent as naming and marketing can be very different.
I hope you enjoyed the video. I still have monopsony and oligopsony videos to come.
All of my written market structure posts can be accessed using the following links.
Introduction to market structure written post can be accessed using the following link.
Perfect competition written post can be accessed using the following link.
Monopolistic competition written post can be accessed using the following link.
Oligopoly written post can be accessed using the following link.
Monopoly written post can be accessed using the following link.
Monopsony written post can be accessed using the following link.
Oligopsony written post can be accessed using the following link.
▶️ DTube
▶️ IPFS