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13) The auto industry has changed throughout the years. Back in the 1940s and 1950’s there...

13) The auto industry has changed throughout the years. Back in the 1940s and 1950’s there were very few companies/brands . At the present time we have many options. Describe how the market structure has changed in the auto industry.

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Answer 13:

In 1940s and 1950s when there were very few brands available in the market, then the market structure was oligopoly. This is because there were few brands and strategic decisions were taken. On the other hand, as number of firms in the industry increased, the market structure started resembling monopolistic type of market structure. This is because many firms in the market were selling differentiated types of cars and there is now free entry and exit from the auto industry.

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