The automobile industry considered an oligopoly because It is dominated by a few key players.
<h3>Further explanation
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Oligopoly is a market form wherein a market or industry is dominated by a small number of large sellers (oligopolists). Because of this, the consumers choice in a oligopolistic market is limited. Oligopoly is two or more firms, whereas a monopoly is one firm, duopoly is two firms.
One of example of oligopoly is Coke and Pepsi. They have created high barriers to entry in the industry. In oligopoly, the smaller the number of firms, the more difficult for new rivals to enter the market due to the majority market share is owned by Coke and Pepsi. Therefore they are large enough to serve and control the industry.
The automotive industry is a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. The automotive industry is one of the world's largest economic sectors by revenue.
The automobile industry is considered as oligopoly because it is dominated by few key players. Therefore automobile industry consists of few major firms.
The biggest automobile industry by manufacturer are as follows:
Rank Group Country
1 Toyota Japan
2 Volkswagen Group Germany
3 Hyundai South Korea
4 General Motors United States
<h3>Learn more</h3>
- Learn more about oligopoly brainly.com/question/11015490
<h3>Answer details</h3>
Grade: 9
Subject: social studies
Chapter: oligopoly
Keywords: oligopoly
