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Oligopolistic firms Essay Topics & Paper Examples

Oligopolistic firms and innovation in our economy

Oligopolies have increasingly played a key role in the modern business environment. Monopolies have contributed to the oligopolistic pursuits by these firms and they affect the economy in various ways. It is important to define monopolies and oligopolies in order to understand the distinction between the two. A monopoly is a market which is characterised by the ability of the existing firms to control the services or goods which are provided, and decide who to give access to. Monopolies thus feature a lack of substitute for the products in the market and a lack of competition in the market. Most governments restrict monopolies due to the negative effects associated with them. On the other hand, oligopolies are markets or industries…