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Select two industries/markets that you consider to be oligopoly. Describe the features of these industries that...

Select two industries/markets that you consider to be oligopoly. Describe the features of these industries that affect their pricing and output decisions.

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Answer #1

Two industries that are oligopoly market are aviation i.e. airline services and gaming consoles market, both these market are controlled by few large companies that control the whole market.

The firms in the market are depent on each other, so they cannot make the decision in the market on their own i.e. any deciosion they make about the price of the goods will affect the other firms in the market as well. and these firms in the market make profit in the long run as well due to barriers to entry in the market.

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