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Essay Available:
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1 page/≈275 words
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Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
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Topic:

Oligopoly

Essay Instructions:

Identify and describe a real world example of an oligopoly. What characteristics of this market fit the definition of an oligopoly? What role does advertising play in this market? Is this consistent with what you’ve learned about advertising and oligopoly in this course?
Evaluate the following statement using economic reasoning: "A monopolist can charge whatever she wants because she is the only source available."

Essay Sample Content Preview:
Diving Deeper into Oligopoly
Oligopoly
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Understanding market structure is essential for the field of advertising. It allows the business to be able to determine strengths and opportunities to stay ahead of the competitive landscape. Accordingly, one example of a market structure is an oligopoly. An oligopoly exists whenever there are a small number of companies that hold most of the market share for the product that they offer. For example, imagine the automobile industry in the United States. Even though numerous companies hold the most market shares when it comes to car sales, only a few large companies (Ford, Fiat Chrysler, and GMC) holds the most significant portion of the pie.
Since these companies form part of an oligopoly, each of them cannot control market prices on their own. It m...
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