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The oil industry is considered an oligopoly because it is dominated by a small number of large firms, such as ExxonMobil, Chevron, and Royal Dutch Shell, which have significant control over pricing and production levels. These companies often engage in strategic interactions, influencing each other's decisions on production and pricing due to their interdependence. Additionally, high barriers to entry, such as substantial capital requirements and access to reserves, limit competition from new entrants. As a result, the few dominant players can effectively coordinate to maintain market stability and profitability.
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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 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 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.
Which is the market structure of the media industry?
Market structure of the media industry: Oligopoly
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 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 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.
Which is the market structure of the media industry?
Market structure of the media industry: Oligopoly
What is market structure in the media industry?
Oligopoly :)
Is airline industry a oligopoly or monopolistic?
Oligopolistic
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.
Is the diamond industry an oligopoly or monopolistic cometition?
The diamond industry is an oligopoly, or an industry dominated by a small number of large businesses.
Which industry was an oligopoly in the US?
Steel industry
What type of industry with 20 firms has a concentration ratio of 30?
this would be considered to be a low Oligopoly market
Is BP an oligopoly?
No, because of two reasons. An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). BP is not a market form, but a global oil company. And BP is certainly not small.
