Micro: Unit 4.8 -- Oligopolies

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Review the key characteristics of oligopolies
- Discuss how oligopolistic firms are "price makers"
- Explain why oligopolistic firms use non-price competition
- Investigate how oligopolists are inefficient in the long-run
- Describe how high barriers to entry make it difficult for firms to enter and exit
the industry
- Analyze how oligopolistic firms earn economic profits in the long-run
- Define collusion
- Define game theory and explain how it is used to predict the strategies of
colluding oligopolies
- Investigate the price leadership model of oligopoly
- Describe how a breakdown in price leadership can lead to a price war between
non-colluding oligopolies
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