Micro Unit 48 Oligopolies

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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 • Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: • https://www.teacherspayteachers.com/P... • Follow our store on Teachers Pay Teachers • https://www.teacherspayteachers.com/S... • Look for us on Social Media: • Instagram -- / youwillloveh. . • Facebook -- / youwilllovehi. . • Subscribe to our YouTube Channel: • / youwillloveeconomics • Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-wil...

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