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21 December, 11:09

How are two cobblers who control the shoe making business an oligopoly?

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  1. 21 December, 12:50
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    Two cobblers who control the shoe making business could be an oligopoly in a situation with the following conditions:

    - a small number of firms (two or more) have full (or most) control of an industry

    - options such as price and/or output amount depends on the other firm offering the service in the industry.

    - barriers to entry enabling market share between the firms

    - differentiated products/services including effective advertising and quality products/services.
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