Ice Cream and Oligopoly

The concept of an oligopoly market in economics means that there are few top sellers of a certain product, as opposed to many competitive companies. These sellers are generally in high competition with each other, but have tremendous power in pushing their products to consumers. Because there are few sellers in the market, they tend to be hyper- aware of each other and have a high level of interactivity, and therefore require the necessity of strategic planning. When one seller makes a change, it will directly affect the others in the market, thereby affecting the competition in some noticeable way. This can be likened to a water balloon- when you push one side in, the other sides expand to accompany the change and maintain homeostasis. Similarly, all sellers in an oligopoly market are directly affected when one makes a strategic change.

In this article, an oligopoly...
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