ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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monopoly
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oligopoly
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monopolistic competition
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perfect competition
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Detailed explanation-1: -Automobile manufacturing is another example of an oligopoly, with the leading auto manufacturers in the United States being Ford (F), GM, and Stellantis (the new iteration of Chrysler through mergers).
Detailed explanation-2: -An example of a modern oligopoly is the U.S. airline industry, where four carriers hold in excess of 2/3 of total market share. The four carriers are: American Airlines (AAL) Delta Airlines (DAL)
Detailed explanation-3: -Answer and Explanation: A Ford car dealership is an example of a firm operating in a monopolistic competition. Because in this industry the sellers, as well as the buyers both, are present in huge number.
Detailed explanation-4: -The automobile industry is considered an oligopoly because it has considerable boundaries to enter it, it relies on brand loyalty and image to make sales, and it is dominated by three major automobile companies.
Detailed explanation-5: -The marketers define the FORD companies as an oligopoly competition in the market structure because in the market there are many substitutes available but only one company offerings for another.