The automotive industry is a real-world example of an oligopoly. In this industry, a few major companies (such as Ford, General Motors, and Toyota) dominate the market, and their actions can significantly influence prices and production levels. The other industries you mentioned (fast-food restaurants, agricultural vendors, and local electricity companies) would represent different market structures, such as monopolistic competition or monopoly, rather than an oligopoly.
Which of the following industries is a real-world example of oligopolies?
The automotive industry
Fast-food restaurants in a large city
Agricultural vendors
Local electricity company with no competitors
1 answer
1 answer