SSC MTS EXAM

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. Other industries with an oligopoly structure are airlines and pharmaceuticals.

Detailed explanation-2: -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-3: -The automobile industry is an oligopoly since there are few large firms and significant cost barriers to entry. Some characteristics distinguish the automobile industry as the greatest example of an oligopolistic industry.