Unlike perfectly competitive and monopolistically competitive firms,oligopolists

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Oligopolists take into account the likely reactions of their competitors to their actions, which affects their pricing and output decisions. They are interdependent and their decisions impact each other's profits, making it essential for them to anticipate and react to their competitors' behavior. Unlike perfectly competitive firms, oligopolists have pricing power, but unlike monopolistically competitive firms, they face competition from a limited number of firms. Therefore, they may or may not make positive profits depending on the level of competition and the effectiveness of their strategic decisions. Oligopolies may or may not have differentiated products, as this is not a defining characteristic of the market structure. Oligopolists strive to operate where marginal revenue equals marginal cost, but this may not always be feasible or desirable. They may also earn positive or negative profits in the long run, again depending on the level of competition and the effectiveness of their strategies.

Unlike Perfectly Competitive and Monopolistically Competitive Firms,oligopolists