Question

Internationally, the oligopoly model exists in _________ nations that allow written agreements to set market price and market share.

Answer 1

The oligopoly model exists in "many" nations that allow written agreements to set market price and market share.

In an oligopoly, a group of firms (usually two or more) controls the market. However, no single company can keep the others from welding significant influence over the industry, and they each may sell products that are slightly different then other.

Prices in oligopoly market are moderate because of the presence of competition. When one company sets a price, others will respond in fashion to remain competitive.

Oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.

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