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23 April, 03:00

Which situation could be the best example of an oligopoly?

A new producer of power tools has entered the market and is relying on low prices to attract consumers.

A new producer of a smart phone operating system is trying to enter the market but cannot because most cell phone makers use one of two popular operating systems.

A new producer of running shoes is trying to enter the market but cannot because of an existing patent.

A new producer of tires has entered the market and found that demand is already being met.

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Answers (2)
  1. 23 April, 05:16
    0
    B. A new producer of a smart phone operating system is trying to enter the market but cannot because most cell phone makers use one of two popular operating systems.

    Explanation:

    I got it correct on Edg.
  2. 23 April, 06:46
    0
    The answer is most likely A. new producer of power tools has entered the market and is relying on low prices to attract consumers.

    Explanation:

    In an oligopoly, there is only a handful of companies operating in the industry and they all present similar types of goods and services (but they can differ too)

    The goods and services are closedly priced in an oligopoly market. This means that the price between the goods offered by the companies in the market do not change much between the companies.

    So a new manufacturerentering the market has to use a market penetration strategy and set the prices low.
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