NameUniversityCourseTutorDateOligopolistic firms and innovation in our economyIntroductionOligopolies have increasingly played a key role in the modern business milieu . Monopolies have contributed to the oligopolistic pursuits by these firms and they affect the economy in contrary ways . It is important to define monopolies and oligopolies in to understand the uniqueness between the two . A monopoly is a foodstuff which is characterised by the efficacy of the existing firms to defend the services or goods which be provided , and decide who to give access to Monopolies thus feature a pretermit of substitute for the products in the market and a lack of competition in the market . Most governments restrict monopolies derelict to the negative effects associated with themOn the other hand , oligopolies be markets or ind ustries which have fewer sellers who influence each other to tick off the market (Lancaster and Withey 2006 : 140-145 .

In this type of market , there be few sellers who monitor the actions of others , and this influences the decisions which they make . The decisions of one firm argon therefore influenced , and influence decisions made by other firmsWeaknesses of uncompetitive firmsHowever , as previously mentioned , monopolistic firms are deemed to have certain(p) weaknesses , which necessitates their give by most governments . The major weakness of these types of firms arises from their ability to mince the market . Due to this ability , they can tip the market in to boost thei r profits . Since the monopoly market featu! res no substitutes for...If you need to get a full essay, order it on our website:
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