Oligopoly arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly abound and include the auto industry , cable television, and commercial air travel. Oligopolistic firms are like cats in a bag.
Which situation is best example of an oligopoly?
National mass media and news outlets are a prime example of an oligopoly, with the bulk of U.S. media outlets owned by just four corporations: Walt Disney (DIS), Comcast (CMCSA), Viacom CBS (VIAC), and News Corporation (NWSA).
Which situation could be the best example of an oligopoly a new producer?
Which situation could be the best example of an oligopoly? A new producer of a smart phone operating system is trying to enter the market but cannot because most cell phone makers use one of two popular operating systems .
What is an oligopoly situation?
Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence . ... There is no precise upper limit to the number of firms in an oligopoly, but the number must be low enough that the actions of one firm significantly influence the others.
Which of the following best describes a situation where an oligopoly exists Brainly?
Which best describes a situation where an oligopoly exists? A small number of producers command nearly the entire market for a certain good or service . ... A single producer is the only one selling a good or service with no close substitutes.
Is Coca Cola an oligopoly?
Oligopoly: the market where only a few companies or firms making offering a product or service. The soft drink company Coca-Cola can be seen as an oligopoly . There are two companies which control the vast majority of the market share of the soft drink industry which is Coca-Cola and Pepsi.
Is Amazon a oligopoly?
Summary: Amazon may hold a large lead over Microsoft and Google but that doesn’t mean Amazon is invincible. The market is large enough to allow for the creation of a oligopoly. ... But Amazon is only part of an emerging oligopoly where customers will have real choice.
What are the four conditions for monopolistic competition?
The four conditions of monopolistic competition are many firms, few artificial barriers to entry, slight control over price, and differential products .
In which market there is no variety of goods?
In a monopolistic market, there is only one firm that dictates the price and supply levels of goods and services. A perfectly competitive market is composed of many firms, where no one firm has market control.
When an oligopoly exists How many producers dominate the market?
Answer: The Oligopoly has been known to have one producer that is capable for understanding with respect with results. In fact, it has changed with suppliers and sellers in the market range.
Is Netflix an oligopoly?
The market structure that Netflix operates under is an oligopoly . In an oligopoly, there are a few companies that control the entire market. In the streaming market, Netflix, Hulu, and Amazon Are the main competitors. ... With Netflix being the market leader, they have large influence over this market.
Is Google an oligopoly?
The lowdown on Big Tech. The Big Tech oligopoly refers to the state of limited competition guarded by 5 tech market dominators: Facebook, Amazon, Google, Apple and Microsoft. Additionally, Twitter and relative newcomer- Netflix are also big tech contenders, providing social and streaming alternatives.
What are the two types of oligopoly?
- Open Oligopoly Market. ...
- Closed Oligopoly Market. ...
- Collusive Oligopoly. ...
- Competitive Oligopoly. ...
- Partial Oligopoly. ...
- Full Oligopoly. ...
- Syndicated Oligopoly. ...
- Organised Oligopoly.
Which best describes a situation of monopolistic competition?
Which describes a situation where monopolistic competition exists? Many producers are selling slightly differentiated products. ... The total amount of money brought in by sales is calculated.
Which type of market structure is most closely associated with fast food?
| Question Answer | If competition is inconvenient and impractical, what kind of monopoly tends to develop? natural monopoly | Jeans and fast food restaurants would most closely be associated with which of the following markets? Oligopoly | This type of market is the easiest to enter Perfect Competition |
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Which best describes the purpose of advertising?
Advertising has three primary objectives: to inform, to persuade, and to remind . Informative Advertising creates awareness of brands, products, services, and ideas. It announces new products and programs and can educate people about the attributes and benefits of new or established products.
