ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Perfect Competition
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Monopolistic Competition
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Oligopoly
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Monopoly
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Detailed explanation-1: -As oligopoly is considered to be a market structure where only few companies are competing, smartphones are an excellent example due to the fact that there are only two sellers that do-minate on the market.
Detailed explanation-2: -Oligopoly market structure. Cell phone companies such as T-mobile and ATT belong to the Oligopoly market since several cell phone production firms compete against one another. In cell-phone industries, the different provider has their price; hence there is no single firm possessing market power.
Detailed explanation-3: -Answer and Explanation: The smartphone market is an example of a monopolistically competitive market.
Detailed explanation-4: -The cell phone industry is an oligopoly because, there are four large firms that are competeing to produce 70 to 80% of the out put.