ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Throughout history, there have been oligopolies in many different industries, including steel manufacturing, oil, railroads, tire manufacturing, grocery store chains, and wireless carriers.

Detailed explanation-2: -The firms under oligopoly may produce homogeneous or differentiated product. ADVERTISEMENTS: i. If the firms produce a homogeneous product, like cement or steel, the industry is called a pure or perfect oligopoly.

Detailed explanation-3: -Currently, some of the most notable oligopolies in the U.S. are in film and television production, recorded music, wireless carriers, and airlines. Since the 1980s, it has become more common for industries to be dominated by two or three firms.

Detailed explanation-4: -Oligopoly arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly abound and include the auto industry, cable television, and commercial air travel.