Principles of Micoroeconomics, Student Value Edition
11th Edition
ISBN: 9780133024265
Author: Karl E. Case
Publisher: PEARSON
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Question
Chapter 14, Problem 1P
To determine
Classify oligopoly.
Expert Solution & Answer
Explanation of Solution
The market for (a) Athletic shoes, (d) Aircraft Firearms can be classified as oligopolies as they are dominated by a few firms. However, the market for (b) Restaurant, (c) Watch and (e) Ice cream cannot be classified in to oligopoly, as there are many firms in these industries with a lot of product differentiation. Also, there is a lot of entry and exit of the firms in these industries.
Economics Concept Introduction
Oligopoly: Oligopoly is a market structure where there are only few sellers who sell similar or identical products.
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Chapter 14 Solutions
Principles of Micoroeconomics, Student Value Edition
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