Question

Keegan’s wireless bill continues to increase with the price of her new phone data changes and long term contract. Ib her geographical region there are few choices in wireless carriers and monthly costs are very similar. What kind of competition exist here

Answer 1

Answer: Oliglopolistic competition

Explanation: A few sellers dominate the market

Answer 2

The type of competition that exists in an Oligopolistic competition

An Oligopolistic competition is a type of competition that exists in an oligopoly

An oligopoly exists when there are few large firms operating in an industry.

Characteristics of an oligopoly:

• Firms in the industry set the prices of their goods and services

• Firms can come together to from a cartel.

A cartel is when two or more producers of a certain good or service have an agreement to regulate either the price of their good or the quantity of their products.

• There are high barriers to entry or exit of firms

• The demand curve is downward sloping.

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