Market Structure (The Video Series) - Oligopoly

in economics •  2 months ago


Hi Everyone,

Welcome to my fourth market structure video in the series. Today I am covering oligopoly. This video series is intended to supplement my written posts on market structures. Video offers another medium for me to bring my content to you. Everyone has their own preference to how they like to consume content.

Quick Summary of the main points in the video

This video investigates and explains the oligopoly market structure. The oligopoly market structure has many real life examples. Many of the world’s largest firms such as Facebook, Apple, Google, and Microsoft belong in oligopoly market structures.

Oligopoly has the following characteristics:

  • Very few sellers
  • Strong barriers to entry
  • Firms are able set their own prices in cooperation with the other large firms in the market
  • Supernormal profits in both the short-run and long-run
  • Some form of product differentiation normally exists
  • Allocative efficient price and quantity is almost never achieved
  • Products are often promoted through advertising; advertising can be excessive in some cases.

Oligopoly market structures have a strong hold over the media, entertainment, and food markets. Many companies often fall under the umbrella of just one big mega company. This is often not always apparent as naming and marketing can be very different.

I hope you enjoyed the video. I still have monopsony and oligopsony videos to come.

All of my written market structure posts can be accessed using the following links.

Introduction to market structure written post can be accessed using the following link.

MS1.jpg

Perfect competition written post can be accessed using the following link.

Perfect_THUMB.jpg

Monopolistic competition written post can be accessed using the following link.

MonopolisticTHUMB.jpg

Oligopoly written post can be accessed using the following link.

OligTHUMB.jpg

Monopoly written post can be accessed using the following link.

Mono_THUMB.jpg

Monopsony written post can be accessed using the following link.

MonopsTHUMB.jpg

Oligopsony written post can be accessed using the following link.

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Your rank has risen 3 places in the last three days (Your UA has improved by 0.000).

In our last Algorithmic Curation Round, consisting of 161 contributions, your post is ranked at #110.

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Thanks for the assessment. Do you think you could give my posts a little more time. Ranking in the first 24 hours is very quick. My content generally takes a little longer to receive responses because my followers do not always see my posts on the first day. I rely quite heavily on my followers feeds as well as followers on other platforms such as Facebook, LinkedIn, Reddit, etc. My posts do not get the more instant traffic as they do not appear on trending.

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Yeah I can understand. So the first accounts are kind of like willing test subjects. It will be interesting to see how UA can be used to form a trending page. I am beginning to think it is going to be very tricky, especially if the scores for each post is going to be changing as more comments and votes come in.