Question

Name a product that you regularly purchase from a firm that operates in an oligopolistic industry....

Name a product that you regularly purchase from a firm that operates in an oligopolistic industry. Explain why the product and firm fit the model of oligopoly. Think about the TV commercials and/or print advertisements that you’ve seen from this industry: What interdependence have you noticed between the firm you selected and its rivals in terms of product differentiation, price leadership, or price competition? Explain your answer.

Homework Answers

Answer #1

Product: Cell phone network service provider like Verizon

Why is it like an oligopoly: Just like an oligopoly, the telecom market consists of a few large dominant firms controlling the market. The good provided is same by all the firms with minor differences. All the firms operate for the purpose of profit maximisation.

TV advertisements: The firms advertise heavily as they want to attract more customers. They advertise and show how their products or services are better than others.

Interdependence: Since the number of firms is less and large, they depend too much on each other in decissions of price and quantity. Any major changes by one in its pricing or selling strategy will affect the profits of other firms greatly.

This increases the tendency of these firms to collude. If the firms do not collude, they end up competing on the basis of price leading to price wars.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Name a product (STARBUCKS) that you regularly purchase from a firm that operates in an oligopolistic...
Name a product (STARBUCKS) that you regularly purchase from a firm that operates in an oligopolistic industry. Explain why the product and firm fit the model of oligopoly. Think about the TV commercials and/or print advertisements that you’ve seen from this industry: What interdependence have you noticed between the firm you selected and its rivals in terms of product differentiation, price leadership, or price competition? Explain your answer. The Product is Starbucks. Any help is much appreciated.
Point out an item that a person purchases regularly from a firm that functions in an...
Point out an item that a person purchases regularly from a firm that functions in an oligopolistic industry. Why do both the item and firm fit the model of oligopoly. Relate it to television advertisements or paper printed advertisements that you have seen from this type of industry. What is the interdependence that you have noticed between the firm you chose and it’s rivals regarding of product differentiation, price leadership or price competition?
In an oligopolistic industry, mutual interdependence results from Select one: a. the product differentiation efforts of...
In an oligopolistic industry, mutual interdependence results from Select one: a. the product differentiation efforts of sellers. b. the fact that a few firms produce most of the industry output. c. the high degree of specialization that exists among the firms in the U.S. economy. d. the fact that oligopolists have unlimited pricing discretion. e. the strength of foreign competition.
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic competition produces a product that you are familiar with, such as clothing and food. A monopolistic competition is a market in which: many firms compete each firm produces a product that is slightly different from products of other competing firms each firm competes on product quality, price, and marketing each firm is free to enter and exit the market Step 2 Use the scenario...
Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which...
Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification. “Even if a firm is losing money, it may be better to stay in...
Which of the following is most likely true of your business strategy if you decide to...
Which of the following is most likely true of your business strategy if you decide to open a small local theater? You will need to get the top movies to compete directly with the theater chains You will not be able to succeed due to barriers to entry You will likely look to run independent films or otherwise avoid directly competing with theater chains Barriers to entry will be your best chance of achieving economic success Antitrust laws will probably...
You are a manager in the audit division at Miller Yates Howarth (MYH), an accounting firm...
You are a manager in the audit division at Miller Yates Howarth (MYH), an accounting firm with offices throughout the major regional centres of NSW and Queensland. Although a medium sized firm by national standards, MYH is the second largest regional accounting firm in Australia. Most of MYH’s audit clients are in the agriculture, mining, manufacturing and property industries. All of those industries are currently under pressure, either from a downturn in commodity prices or fierce competition from overseas competitors....
2) “Your client Family Dollar Stores Inc. is a chain of dollar stores across the United...
2) “Your client Family Dollar Stores Inc. is a chain of dollar stores across the United States. A dollar store, also known as variety store, is a retail store that sells a wide range of inexpensive household goods including food and drink, personal hygiene products, small home and garden tools, office supplies, decorations, electronics, garden plants, toys, pet supplies, remaindered books, recorded media, and motor and bike consumables. Although the overall dollar store business has boomed as a result of...
      MK Restaurant: Branding of Thai-Style Hotpot The restaurant industry is one of the most...
      MK Restaurant: Branding of Thai-Style Hotpot The restaurant industry is one of the most competitive in Thailand. With a large number of players ranging from restaurants in five-star hotels, global fast-food chains to small stalls along the streets and everything in between, the Thais are spoiled for choice. In addition, as the world becomes globalized, consumers are familiar with international dishes and would not hesitate to try new offerings from the other side of the globe. As a...
Answer the following questions from the information below a. What are the organization's marketing goals? b....
Answer the following questions from the information below a. What are the organization's marketing goals? b. What are the symptoms of the problem? In other words, which of the organization's marketing goals mentioned in section a., above are not being met? c. What is the organization's problem? Look at the symptoms and make a judgement about what their cause may be. Do not confuse symptoms with problems. Problems cause symptoms. d. Perform a SW/OT analysis: -What are the organization's internal...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT