The essay should emphasize quality rather than quantity, and its structure shoul
ID: 1110637 • Letter: T
Question
The essay should emphasize quality rather than quantity, and its structure should contain 3 sections: Introduction, Economic Analysis and Conclusion. The introduction should be just 1-2 paragraphs long. It should set the relevance of the topic and finish with the main question or questions you want to answer in this paper.The introduction must also state your main argument, idea or hypothesis of your paper. The Economic Analysis section should be 2-4 pages long. In this section you should present the empirical evidence and with the help of some microeconomic tools, you should explain rationally what happens in reality. Include terms like demand, supply, variable and fixed costs, marginal or incremental changes, marginal and average costs, price elasticity, income elasticity, maximization, minimization, normal profit, competitive markets, product differentiation, market structure, oligopoly, and other relevant terms. Finally, the conclusion has to be directly related to the introduction. The conclusion should also be just 1- 2 paragraphs long, and it should answer the questions set in the introduction. Be sure there is a strong connection between the introduction and the conclusion. You can also expand on the implications of your answer and predict something about the future.
Explanation / Answer
Oligopoly is an industry where there are only few firms selling homogeneous / differentiated items. This structure falls in between monopolistic competition & monopoly.
Automobile industry, cement industry, aluminium industry, etc, are the examples for oligopoly. In all these, there are only few sellers for each specific item. DUOPOLY is a exceptional case , where there are just 2 firms. It is presumed that the item sold by the 2 sellers is homogeneous & there are no substitutes for it. Instances where 2 firms control the main proportion of a market are:
Oligopoly is a market circumstance when there are a few companies selling homogeneous / differentiated commodities. It is also called “competition among a few” since there are only a few firms in the marketplace & each impacts & is impacted by the behaviour pattern of the others.
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