EBK PRINCIPLES OF MICROECONOMICS
12th Edition
ISBN: 9780134069180
Author: Oster
Publisher: YUZU
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Question
Chapter 14, Problem 1.1P
To determine
Classify oligopoly.
Expert Solution & Answer
Explanation of Solution
The market for (a) Motorcycles, (b) Cruise lines and (d) Firearms can be classified as oligopolies as they are dominated by a few firms. However, the market for (b) Hotels and (e) Furniture cannot be classified into 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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