October 9, 2015

Homework Help: Microeconomics

Posted by Susan on Tuesday, May 26, 2009 at 7:39pm.

What are the conditions for an oligolpolistic market? How do oligopolies determine the level or output at which they will produce?

I know the three condition for a oligopoly market.
1. There has only a few large firms.
2.Market has high barriers to entry.
3. Firms may produce products that areeither defferantiated or homogeneous.

Is this part correct? I not clear as to the second question.

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