Question

The industry that most closely approximates the conditions of the oligopoly model is:________

Answer 1

Answer: the industry that most closely approximates the conditions of the oligopoly model is airlines.

Explanation: oligopoly is a market situation made up of small entities which are independent in their working and they do not have any influence on each other. airlines industries and automobiles industries are two well known examples of oligopoly markets.

In oligopoly markets:-

• industry is dominated by small number of sellers sellers are aware of each others action
• decision of one firm effect the decisions of other firms
• they are concentrated less in monopoly more in competitive system
• increasement of interdependence

oligopoly is a market situation in which small number of firms who together have substantial influence over a certain industry or markets.

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