Apple Inc. is oligopoly in the smartphone's operating systems' firm. On the other side, Apple Inc. is known as monopolistic competition in the branded computers. Compare to oligopoly, monopolistic competition has more competitors, thus the apple's iMac and Macbook are considered as a monopolistic competition.
Then, what is an example of an oligopoly?
The auto industry is another example of an oligopoly, with the leading auto manufacturers in the United States being Ford (F), GMC, and Chrysler. While there are smaller cell phone service providers, the providers that tend to dominate the industry are Verizon (VZ), Sprint (S), AT&T (T), and T-Mobile (TMUS).
What are the main characteristics of an oligopolistic market?
OLIGOPOLY, CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.
What is an oligopoly and give an example?
An oligopoly is a small group of businesses, two or more, that control the market for a certain product or service. This gives these businesses huge influence over price and other aspects of the market. Since it is the middle ground, oligopoly examples are abundant in our economic system today.