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# Oligopoly

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The word is derived from the Greek and describes a situation where there are only a few sellers of a commodity or service on a given market, eg. in the European Union the production of detergent is almost entirely divided between Unilever and Procter & Gamble. Rivalry on the market usually results in lower profits than could be achieved through firms cooperating with one another. Such cooperation to limit competition is known as collusion?. A more formal type of collusion? would be a price fixing ring, known as a cartel? - an illegal arrangement in most countries.

The main theories are:

- Stackelberg?'s duopoly
- Cournot?'s duopoly
- Sweezy?'s oligopoly
- Betrand?'s olipogoly
- [Contestable markets]? by Baumol?

Other market forms

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Last edited March 11, 2001 12:23 pm (diff)
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