EBK PRINCIPLES OF MICROECONOMICS
EBK PRINCIPLES OF MICROECONOMICS
13th Edition
ISBN: 9780135196786
Author: Oster
Publisher: YUZU
Question
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Chapter 14, Problem 1.1P
To determine

Classify oligopoly.

Expert Solution & Answer
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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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