221. Describe what else can be used instead of money as a store of value

268. Describe four characteristics of oligopoly
An oligopoly is a dominant position in the industry of multiple producers or sellers in increasing prices and output.
Oligopoly (oligo ... and Greek poleo - sell) - one of the components of the market. Group monopoly, the dominance of a small number of enterprises (firms) in the market or in any economic sector.
It is typical for O. to have several sellers in the market, but since the share of each in the total market sales is very large, each seller will have to change the quantity of the product offered by the seller himself.
The small number of firms facilitates collusion. This helps them to manage themselves, how to set prices, how to divide or distribute the market, and so on. There are a number of secret agreements (cartel agreements, etc.). Like the monopoly, O. is imperfect in appearance. [1]
269. Explainnonprice competition.
"Definition: Non-price competition involves ways that firms seek to increase sales and attract custom through methods other than price. Non-price competition can include quality of the product, unique selling point, superior location and after-sales service.
Models of perfect competition suggest the most important issue in markets is the price. And for a homogenous product like potatoes, consumers will generally want to buy the cheapest potatoes. However, many markets do not fit this model of perfect competition. In many markets, the price is only one of many factors which influence which good/service you buy. For example, if you go for a restaurant meal, do you choose the cheapest? Unless you are on a strict budget, factors like the quality of the food and service are likely to weigh more heavily.
In the real world, firms are seeking to attract custom through the methods of non-price competition. This includes a unique selling point (the best coffee), securing the best location and/or offering internet delivery."
"Non-Price competition in Oligopoly/imperfect competition
The majority of industries are a form of oligopoly with a few firms dominating the market. The firms in an oligopoly can compete in price, but often non-price competition becomes the most important factor dominating the market.
The kinked demand curve model suggests that in oligopoly prices will be stable – leading to firms concentrating on non-price competition.
In monopolistic competition, there is freedom of entry, but firms have a degree of market power (inelastic demand curve) because of product differentiation. Therefore, firms in monopolistic competition have a motive to try and improve their product differentiation and brand image."