Why do oligopolies exist? List five or six oligopolists whose products you own or regularly purchase. What distinguishes oligopoly from monopolistic competition?

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Explanation:

The biggest and most notable reason why oligopolies exist is collaboration. A lot of Firms see more economic advantages in collaborating on a precise price than in trying to battle and drag price competitively with their competitors. By controlling prices in a cartel like way, oligopolies are able to raise their difficulty to entry.

A few oligopolists whose products I make use of are GMC, Samsung, Dell, Apple, UPS, and BP.

Oligopoly is differentiated from monopolistic competition in that oligopoly is comprised of a small number of businesses and they have distinguished or homogeneous products and trying to break-in into their line of business is very difficult.

the earth’s crust is broken into separate pieces called tectonic plates (fig. 7.14). recall that the crust is the solid, rocky, outer shell of the planet. it is composed of two distinctly different types of material: the less-dense continental crust and the more-dense oceanic crust. both types of crust rest atop solid, upper mantle material. the upper mantle, in turn, floats on a denser layer of lower mantle that is much like thick molten tar.

each tectonic plate is free-floating and can move independently. earthquakes and volcanoes are the direct result of the movement of tectonic plates at fault lines. the term fault is used to describe the boundary between tectonic plates. most of the earthquakes and volcanoes around the pacific ocean basin—a pattern known as the “ring of fire”—are due to the movement of tectonic plates in this region. other observable results of short-term plate movement include the gradual widening of the great rift lakes in eastern africa and the rising of the himalayan mountain range. the motion of plates can be described in four general patterns:

collision: when two continental plates are shoved together

subduction: when one plate plunges beneath another (fig. 7.15)

spreading: when two plates are pushed apart (fig. 7.15)

transform faulting: when two plates slide past each other (fig. 7.15)

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