Question

Which helps enable an oligopoly to form within a market?

Answer 1

Oligopoly is slightly different from a pure monopoly. While a monopoly means that there is only one producer dominating the market, oligopoly refers to how a few companies dominate the market between themselves.

In today's world we can see examples of oligopoly all around us. For example, the dominance of iOS and Android software on virtually all smart phones around the world. The dominance of Walmart and Costco in the United States etc.

How these form can be due to a number of factors including high costs of doing business or even government legislation.

Answer 2

Costs of starting a competing business are too high, helps enable an oligopoly to form within a market

Further explanation

An oligopoly is a market for a good or service that has few competitive firms. An oligopoly is a market form or industry which dominated by a small number of large sellers known as oligopolists. Oligopolies result generally in a reduction of competition and higher prices for consumers. Oligopoly refers to how a few companies dominate the market between themselves. Whereas the monopoly means that there is only one producer dominating the market.

There are many examples of oligopoly. For example the dominance of ios and android software on all smartphones around the world and the dominance of walmart and costco in the United States

Costs of starting a competing business are too high are helps enable an oligopoly to form within a market. Because the cost of starting a business in an oligopolistic industry is usually high, the number of firms entering it is low. As these large firms supplying a sizable portion of a market, these companies have some control over the prices they charge.

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Answer details

Grade:  9

Subject:  history

Chapter:  oligopoly

Keywords:  oligopoly