ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are only a few well known brands dominating the cell phone market in India. Also, each brand is facing a cut-throat competition. Both these characteristics point to oligopoly form of the market. Further, these oligopoly firms are engaged in a price competition.

Detailed explanation-2: -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. This means that these few firms dominate in the market, which is a characteristic of an oligopoly market form.

Detailed explanation-3: -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-4: -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.

Detailed explanation-5: -Smartphone industry falls under the Oligopoly market structure.