Oligopolistic markets can be very different in relation to the number of firms, degree of product differentiation and ease of entry
Oligopoly describes markets dominated by a few large firms. Those markets can still look very different from each other — in how many firms compete, how similar their products are, and how hard it is for new firms to join.
Real World
The global cola market (Coca-Cola vs Pepsi) is a tight duopoly selling near-identical products, whereas the UK car insurance market is an oligopoly with dozens of firms selling highly differentiated policy bundles.
Exam Focus
Use specific market examples to illustrate variation; generic answers score lower than those naming real industries with contrasting features.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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