Unformatted text preview: previously, they make up much of the dominators of the market. Each oligopoly is aware of the other’s actions. The decisions of one firm influence, and are influenced by, the decisions of other firms. I was aware that these stores are competing against each other over business, so I tried to get myself the best deal. As the buyer, I set my buyer value for the Madden 2007 at $40, because I was not willing to pay at the retail price of $44.99+. These firms operate under imperfect competition, meanwhile the product these firms offer are differentiate and the barriers of entry are high. Four factors which are important to note with these barriers of entry are economies of scale, government licensing, patents, and control over an essential resource....
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This note was uploaded on 09/08/2010 for the course ECON 1B at San Jose State.