Monopolistic and oligopoly
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This document discusses monopolistic competition and oligopoly. Monopolistic competition is characterized by many sellers offering differentiated products, with sellers having some control over price and facing easy entry of new competitors. Examples include restaurants and soap industries. Oligopoly involves a market dominated by a small number of firms offering identical or differentiated products, with potential for price agreements between producers and strong advertising. Examples of oligopoly in the Philippines include the oil industry, supermarkets, and telecom companies.
Monopolistic and oligopoly
- 1. MONOPOLISTIC COMPETITION AND OLIGAPOLY
- 2. CHARACTERISTICS OF MONOPOLISTIC COMPETITION Large number of sellers acting independently Product differentiation Producers have the degree of control over price Entry of new firms
- 3. EXAMPLE OF MONOPOLISTIC COMPETITION Restaurants Soap Industries
- 4. CHARACTERISTICS OF OLIGOPOLY Few firms which dominate the market Products are identical or differentiated Price agreement among producers Entry of new competitors in the market Strong advertising
- 5. EXAMPLE OF OLIGOPOLY IN THE PHILIPPINES Oil Industry Supermarkets Telecom Companies