Choose a product or service that you are familiar with (something you use or have used,...

Choose a product or service that you are familiar with (something you use or have used, something related to a job you or someone close to you has held, etc.). Are there a lot or few firms in the industry? Are the products similar or identical or without close substitutes? Are there barriers to entry and, if so, what are they?

Expert Solution

Answer : Product choosen is car. Car comes under automobile industry.

Automobile industry have few firms operating under oligopolistic environment. Automobile industry offers similar products with different features. Like in Sport Utility Vehicle offered by Volkswagen, Honda, Suzuki, Hyundai , Kia etc. All company offers almost same products with different products.

There are many barriers to entry for firms to enter the market. It is due to huge capital investment in the automobile market. It is due to scale of economies which create influence of firm in the industry.

Few number of firms and large of buyers in the oligopolistic market forms cartels agreements in order to avoid competation among few firms.

Hence concluded that above product was car and automobile industry operate under oligopolistic market and above was all about oligopolistic market.

Kindly rate for my answer please ? and feel free to ask your doubts.

Rahul Sunny answered 2 years ago

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