SELECT * FROM question_mgmt as q WHERE id=10286 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=613 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Non-competitive Markets list the three different ways in which oligopoly f

Question:

List the three different ways in which oligopoly firms may have.

Answer:

Oligopoly firms may behave in the following three ways:
1) Cartel - In order to avoid undue competition, oligopolistic firms may engage in formal agreements or contracts. This will not only allow them to maximise their total profits together, but also capture a significant market portion.

2) Informal understanding - Each firm may decide on its own, how much units of output are to be produced for maximising its individual profit, assuming that other firms would not change their strategies and decisions regarding the units of output to be produced.

3) Advertisement and differentiated product - It may happen that the firms realise that price competition will leave them nowhere and consequently they emphasise more on advertising their products. It will enable them to capture the minds of consumers and indirectly increase their market portion.


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