Monopoly, Oligopoly, Monopolistic, and Perfect Competition (Other (Not Listed) Sample)
The task involved analysis of Monopoly, Oligopoly, Monopolistic, and Perfect Competition market
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Monopoly, Oligopoly, Monopolistic, and Perfect Competition
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Monopoly, Oligopoly, Monopolistic, and Perfect Competition
The free market system is composed of firms that compete on different levels. One of the services that I have recently consumed is from a monopoly. The firm is Facebook which controls over 60% of the market share (Barry, 2019). The services offered by Facebook are unique and it is difficult to find a close substitute. Currently, the firm is like an industry and the investment made on it makes it difficult for new entrants. There is no stiff competition to the services offered by the company.
I have also consumed services from a firm considered to be an oligopoly. The firm is AT&T and it provides wireless mobile services (Barry, 2019). An oligopoly market contains few firms that are more than two and which are dominant. T-Mobile, Sprint, Verizon, and AT&T are the other dominant firms in this market. Some of the characteristics of an oligopoly include domination of small number of large firms, major barriers of entry, and highly selling of services that are identical.
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