ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopoly: An oligopoly is a market form with a few firms, none of which can hold the others back from having a critical impact. The fixation or concentration proportion estimates the piece of the market share of the biggest firms. For example, commercial air travel, auto industries, cable television, etc.

Detailed explanation-2: -Throughout history, there have been oligopolies in many different industries, including steel manufacturing, oil, railroads, tire manufacturing, grocery store chains, and wireless carriers. Other industries with an oligopoly structure are airlines and pharmaceuticals.

Detailed explanation-3: -Answer and Explanation: The cable companies such as Comcast are an example of the oligopoly market structure. The cable companies are few and offer more or less similar or little differentiated services to the people.

Detailed explanation-4: -Answer and Explanation: The cellular industry of U.S. is not an example of monopolistic competition. It is an example of an oligopoly market form. This is because the firms Sprint, AT&T, Verizon, and T-Mobile own about 95% of the market share of the U.S. cellular market.

Detailed explanation-5: -The smartphone market is an example of a monopolistically competitive market. A monopolistically competitive market is a market with the following features: Goods are similar but not identical. There are many buyers and sellers.