Which type of market are you in if your company, along with three other companies, control 95 percent of the total music industry

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Business

Samuel Hardin

24 April, 04:15

Which type of market are you in if your company, along with three other companies, control 95 percent of the total music industry

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Eden Daugherty · Answer 1

The answer to the question is oligopoly.

Oligopoly is a type of market where there are only a few number of companies that dominate as the primary sellers to a large number of customers. It is almost similar in concept to monopoly, but the latter only has one seller dominating the market. Other oligopoly examples beside the music industry would be internet companies.