ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Agriculture
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Fast Food Industry
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Clothing Industry
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Wireless Phone Services
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Detailed explanation-1: -Examples of oligopolies can be found across major industries like oil and gas, airlines, mass media, automobiles, and telecom.
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 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.