Oligopoly is a market structure of few sellers, where few firms dominate the whole market. Sellers are the main supplier and gain all the output of market. Now let us see what are the elements which enable the oligopoly.
Large investment capital:
A new entry is a ban in oligopoly structure because of very heavy investment. A new entry may have fear of cost maintenance because of established firms because it is true that in midst of product it is difficult to make a new product.
Absolute cost advantage:
Small firms always have an absolute cost advantage on raw material, training, techniques, natural resources, economic resources, where new entrants cannot survive and small firms earn a profit even in low price.
Small firms have strong marketing chain and network. As new entry comes, they compete them out through different strategies.
Product differentiation:
Small firms get an advantage of product differentiation. Buyers develop the loyalty to the brand so for new entry it is very difficult to compete for a brand and gain customer loyalty until unless they make any superior thing than that brand.
Mergers:
Modern businesses now have learned to merge to eliminate competition.
Doing this, the number of firms decline, profit increases and oligopolies are established.
Informal collusion:
Mergers are formed but mergers have some constitutional complexities. So to avoid the law complications most firms have informal agreements between them to earn the profit and get rid of law bindings.
Listen to the song then write down the names of the characters on a piece of paper then either look up what they symbolize or listen to the song again and see what they did
The founders established Congress as a bicameral legislature as a check against tyranny. They feared having any one governmental body become too strong. This bicameral system distributes power within two houses that check and balance one another rather than concentrating authority in a single body. The House of Representatives is the larger body with membership based on each state’s population. The Senate is the smaller body with each state having two delegates. With one hundred members, the Senate is a more intimate, less formal legislative body than the House, which has 435 members elected from districts that are roughly the same size in population.
Members of Congress must reside in the district or state that elects them, although the Constitution does not specify for how long. Residency can become a campaign issue, as it did when former first lady and current secretary of state, Hillary Rodham Clinton, ran for a Senate seat from New York soon after leaving the White House, despite having never lived in the state. She was successful despite having to fend off criticism that as a carpetbagger she was not suited to represent New York’s interests in Congress. The term “carpetbagger” refers to a politician who runs for office from an area where he or she has lived for only a short time and has few community ties. It derives from a derogatory term coined after the Civil War referring to Northerners who went south to profit from the Reconstruction, carrying “carpet bags” for luggage. Members of Congress are elected locally to serve nationally. All aspects of members’ jobs, whether it be making laws or providing service to people in their home districts, are influenced by this dual concern with representing local constituencies while dealing with national policy.
It's to subtract the smaller from the bigger
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