ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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apples
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cell phone providers
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utilities
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clothing
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Detailed explanation-1: -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.
Detailed explanation-2: -The correct answer is Oligopoly. The phone operators market in India is an example of an Oligopoly. Oligopolies occur when a small number of firms collude to restrict output and/or fix prices, in order to achieve above normal market returns.
Detailed explanation-3: -Introduction. The market structure of Apple store is oligopoly. In the market, the Apple store’s iPod represents a vertical monopoly.
Detailed explanation-4: -An oligopoly market structure occurs where few large sellers (Pindyck & Rubinfeld, 2001 p. 446) dominate an industry. In the United States, there are few mobile manufacturing firms. The major firms include Nokia, Samsung, Motorola, LG, and Sony Erickson.