Question
Which best explains why the media industry is characterized by an oligopolistic market structure?
Responses
Centralization of ownership has led to an industry controlled by a few large companies.
Centralization of ownership has led to an industry controlled by a few large companies.
There are many innovative entrepreneurs in the media.
There are many innovative entrepreneurs in the media.
It is impossible for any company to compete with a local media company.
It is impossible for any company to compete with a local media company.
Government licensing allows media companies to have a near monopoly.
Responses
Centralization of ownership has led to an industry controlled by a few large companies.
Centralization of ownership has led to an industry controlled by a few large companies.
There are many innovative entrepreneurs in the media.
There are many innovative entrepreneurs in the media.
It is impossible for any company to compete with a local media company.
It is impossible for any company to compete with a local media company.
Government licensing allows media companies to have a near monopoly.
Answers
GPT-4o mini
The statement that best explains why the media industry is characterized by an oligopolistic market structure is:
**Centralization of ownership has led to an industry controlled by a few large companies.**
This emphasizes the concentration of media ownership among a limited number of firms, which is a key feature of oligopoly, as it allows these companies to exert significant control over the market and influence on content.
**Centralization of ownership has led to an industry controlled by a few large companies.**
This emphasizes the concentration of media ownership among a limited number of firms, which is a key feature of oligopoly, as it allows these companies to exert significant control over the market and influence on content.