Part 1 of Essay
There are four market structures in our economy today : Perfect competition, monopolistic competition, oligopolies and monopolies. This essay shall describe the oligopoly market. The definition of an oligopoly states that in an industry, a small number of firms dominate the market. There are a low number of firms in the i ....

Part 2 of Essay
.... price wars. The Kinked Demand Curve, is the economical graph that shows why oligopolists tend to adopt a common price -to achieve the greatest price and output. The Hilmer committe, estabilished 1993, is a government body who acts in the interests of recommendations of National Competition policies. In 1995, the Trade Practises Act (T.P.A.) was introduced. The T.P.A. sets out the general responsibilities of sellers, such as the firms of oligopolies, and out laws actions that may be unfair to the consumers. Th ....