ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Yes, the oil industry is an oligopoly. It is because it shares its characteristics with an oligopoly firm. Some of the characteristics of the oil are industry is-barriers to entry, products sold by firms are identical or differentiated, and there are small numbers of firms but are large in size.

Detailed explanation-2: -Restaurants, hair salons, household items, and clothing are examples of industries with monopolistic competition. Items like dish soap or hamburgers are sold, marketed, and priced by many competing companies.

Detailed explanation-3: -Examples of oligopolies can be found across major industries like oil and gas, airlines, mass media, automobiles, and telecom.

Detailed explanation-4: -A good example of an Oligopoly is the cold drinks industry. In India, there are a handful of firms who manufacture cold drinks. These firms sell homogeneous as well as differentiated products in the market.