Principles of Micoroeconomics, Student Value Edition
Principles of Micoroeconomics, Student Value Edition
11th Edition
ISBN: 9780133024265
Author: Karl E. Case
Publisher: PEARSON
Question
Chapter 14, Problem 1P
To determine

Classify oligopoly.

Expert Solution & Answer
Check Mark

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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