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How might a firm in an oligopolistic market attempt to increase market share?
Explanation of oligopoly; concentration ratio, producer sovereignty
Explanation that oligopolies are often non-price competitive and resulting price rigidity
Use of kinked demand curve to illustrate price rigidity
Explanation of how/why oligopoly firms are interdependent and therefore have an incentive to avoid head-on competition by
a) Collusion
b) Merging
Since oligopoly firms wish to avoid harmful price competition, great effort often goes into R&D, product enhancement, marketing drives, product differentiation
TC = Q3 – 8Q2 + 68Q + 4
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suppose a firm''s total revenue depends on the amount produced (q) according to the function R= 70q-q2 total cost dependson q: C=q2+30q-q2
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what is demand function
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what to produce? how to produce? for whom to produce
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