competition, monopolistic competition, oligopolies and monopolies. This assignment shall describe the oligopoly market. The definition of oligopoly is an industry of small numbers of firms that dominates large proportion of the industry (market). These firms may produce a similar, identical product for example chemicals, petrol, salt etc. However not all the firms produce the same product. Some oligopolies produce differentiated products such as cars, soft drink etc. Each firm has there own products which are branded by them i.e. Tesco coke cola. An oligopoly is a market dominated by a few producers, each of which has control over the market. It is an industry where there is a high level of market concentration. However, oligopoly is best defined by the conduct (or behaviour) of firms within a market rather than its market structure. Normally an oligopoly exists when the top five firms in the market account for more than 60% of total market demand/sales. Characteristics of an oligopoly There is no single theory of how firms determine price and output under conditions of olig......

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