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Is the automotive industry considered an oligopoly?
Yes, the automotive industry is considered an oligopoly because it is dominated by a small number of large firms that have significant control over the market.
Is Shell Oil Company a oligopoly?
Yes, competitors are 'a few' being Exxon Mobil, BP etc. Oligopolies usually have high barriers to entry, have strong control over pricing, some control over price, and advertise aggressively. They also have a 'kinked' demand curve.
Is the auto industry an oligopoly?
Yes, the auto industry is considered an oligopoly because a small number of large companies dominate the market and have significant control over pricing and competition.
Is the automobile industry considered an oligopoly?
Yes, the automobile industry is considered an oligopoly because a small number of large companies dominate the market and have significant control over pricing and competition.
Is the car industry considered an oligopoly?
Yes, the car industry is considered an oligopoly because a small number of large companies dominate the market and have significant control over pricing and competition.
Is the automotive industry considered an oligopoly?
Yes, the automotive industry is considered an oligopoly because it is dominated by a small number of large firms that have significant control over the market.
What are some example of opligopoly?
http://www.answers.com/library/Investment%20Dictionary-cid-57121 Oligopoly A situation in which a particular market is controlled by a small group of firms.An oligopoly is much like a monopoly, in which only one company exerts control over most of a market. In an oligopoly, there are at least two firms controlling the market.Investopedia Says:The retail gas market is a good example of an oligopoly because a small number of firms control a large majority of the market.
Is Shell Oil Company a oligopoly?
Yes, competitors are 'a few' being Exxon Mobil, BP etc. Oligopolies usually have high barriers to entry, have strong control over pricing, some control over price, and advertise aggressively. They also have a 'kinked' demand curve.
Is the auto industry an oligopoly?
Yes, the auto industry is considered an oligopoly because a small number of large companies dominate the market and have significant control over pricing and competition.
Is the automobile industry considered an oligopoly?
Yes, the automobile industry is considered an oligopoly because a small number of large companies dominate the market and have significant control over pricing and competition.
Is the car industry considered an oligopoly?
Yes, the car industry is considered an oligopoly because a small number of large companies dominate the market and have significant control over pricing and competition.
How is an oligopoly different from monopoly?
AR=MRnormal profits in the long runlarge number of sellersfree entry and excit ,as there are no barriersthe seller is only the price takerperfectly elasticeach firm is a part of the industry
Compare the quantity and price of an oligopoly to those of a competitive market?
At profit maximization, marginal cost equals marginal revenue. Price will be higher than marginal cost.
Why is the automobile industry considered an oligopoly?
The automobile industry is considered an oligopoly because it is dominated by a small number of large companies that have significant control over the market. These companies have the power to influence prices and competition, making it difficult for new entrants to enter the market.
There is no control over price by firms in?
Pure competition
Which do you think a firm would prefer price setter or price taker?
They would prefer to be a price setter. This would imply control over the price. In some models this is a monopoly or an oligopoly. (As a side note, in the real world, EVERY firm has some control over the price of their good no matter how small that control may be, but this answer refers to models.) The technical reason for this is because in an economy in which firms are price takers, firms produce at the level where their Marginal Revenue equals Marginal Cost, but Marginal Revenue is set (it's the price. In a perfectly competitive economy it's also the minimum of the Average Variable Cost curve). So they can only vary their Marginal Cost by changing how much they produce. In a price setter economy, the price curve is changeable by the price setting. They will also produce where MR = MS, but they will produce a lesser quantity of goods because this artificial shortage will raise the price. This ALWAYS results in a higher profit than in a competitive economy.
What is duopoly market?
A true duopoly is a specific type of oligopoly where only two producers exist in one market. In reality, this definition is generally used where only two firms have dominant control over a market. In the field of industrial organization, it is the most commonly studied form of oligopoly due to its simplicity.
