Absolute Anime

In ours it's just simple. Oligopoly is when many producers with the same product join together so that for example one of them will increase their price for a certain product, then all of them will also do the same.

In Monopolistic Competition, there is only one producer of only on kind of product but the products have different brands such as the Coco-Cola corporation that producer coke, sprite, etc.

Hope I was of help.

divinephoenix wrote:In ours it's just simple. Oligopoly is when many producers with the same product join together so that for example one of them will increase their price for a certain product, then all of them will also do the same.

In Monopolistic Competition, there is only one producer of only on kind of product but the products have different brands such as the Coco-Cola corporation that producer coke, sprite, etc.

Hope I was of help.

Usually they say oil companies,communications and energy companies do the oligopoly.

Yup, cause if you notice after one's prices goes up or down, so will the others.

True, and even if we say that they seem to be competing with each other the way prices are increasing is somewhat doubtful.

All in all it's just a competition of a better advertising and product quality.

Unless you're Enron or the oil company of course. XD

of course lol

Nyx wrote:Is anyone in/had taken and understood econ because I really really don't get it.

You could ask me. Econ is easy.

Nyx wrote:Is anyone in/had taken and understood econ because I really really don't get it.

I'm in it and failing horribly. I don't understand why this bullshit class is forced. :/

Because it gives you an overview on how things impact you. Just remember, outside of the world of academia, economics just teaches you the trends of people, their money, and emotions. (Unless you're Cass Sunstein or Richard Taylor)....Or in academia, but that's a given.

And econ (for the most part) is simple and straight forward.

yeah, if your name is brandon and you're a wiz. :/

My name isn't Brandon...and I don't think I'm a wiz >_>