Editing Oligopoly (section)

=== Open and closed oligopolies ===
An open oligopoly market structure occurs where barriers to entry do not exist, and firms can freely enter the oligopolistic market. In contrast, a closed oligopoly is where there are prominent barriers to market entry which preclude other firms from easily entering the market.<ref name=":1">Organisation for Economic Co-operation and Development (OECD), ''Competition law & policy roundtable OECD - Oligopoly'' (1999) https://www.oecd.org/daf/competition/1920526.pdf {{Webarchive|url=https://web.archive.org/web/20230423064231/https://www.oecd.org/daf/competition/1920526.pdf |date=23 April 2023 }}</ref> Entry barriers include high [[Investment (macroeconomics)|investment]] requirements, strong [[Brand loyalty|consumer loyalty]] for existing brands, regulatory hurdles and [[economies of scale]]. These barriers allow existing firms in the oligopoly market to maintain a certain price on commodities and services in order to maximise profits.<ref>{{Cite journal |last=Osborne |first=Dale K. |date=August 1964 |title=The Role of Entry in Oligopoly Theory |journal=The University of Chicago Press Journals |volume=72 |issue=4 |pages=396–402}}</ref>