Describe the features of an oligopolistic market?

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Explanation:

An Oligopoly market structure is one that has few firms dominating an industry with many buyers. The few firms may be selling an identity or differentiated product.

The features of an oligopoly market include

1. Heavy Advertising

Each of the firms will advertise to win customers.  Because the firms offer similar or differentiated products, there is heavy advertising to try to get a bigger market share.

2. Interdependence

There are few firms competing for many buyers. What one of the firms does elicits reactions from the others.  If one of the firms reduces its prices, there are higher chances that the others will also follow suit. To avoid unhealthy competition, these firms engage in collaborations.

3. Barriers to Entry

It requires heavy capital expenditure to participate in an oligopoly market. The amount of capital required acts as a barrier to entry.  The domination by a few firms and intense advertisement scares away new entrants.

4. Price-setters

Each firm is able to set its price. All the firms do not sell uniform products; hence they are able to set their pri

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urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total