Co Which ot the following industries would you classity as a

Co Which ot the following industries would you classity as an oligopoty? Explain your answer The industry for motorcycles is O A monopolistically competitive because there are a few fims seling a differentiated product O B. an oligopoly because there are a few firms that face the limited entry of new firms. O c. monopolistically competitive because there are many firms with no market power OD. monopolisticalily competitive because there are many firms that produce a homogeneous product OE. an oligopoly because there are a few firms that are price takers The industry for hote\'s is Gooc O A monopolistically competitive because there are many firms selling a differentiated product B monopolistically competitive because there are many firms facing the limited entry of new firms O c. monopolistically competitive or an oligopoly depending on the number of firms, market power, and potential O D. an oligopoly because firms produce differentiated products and are price makers. O E. an oligopoly because there are a few firms that are price takers The industry for cruise lines is O A monopolistically competitive because there are many firms producing a homogeneous product OB an oligopoly because there are only a few firms that engage in strategic behavior O C. an oligopoly because there are a few fims that are price takers O D. monopolistically competitive because there are many firms facing the limited entry of new firms O E. an oligopoly because the firms have no market power. The industry for firearms is O A. an oligopoly because there are a few firms that are price takers. O B. monopolistically competitive because firms that produce firearms face a perfectly elastic demand curve O C. an oligopoly because firms produce differentiated products and are price makers. Micre Click to select your answer

Solution

Answer : The industry for motorcycle is monopolistic competition because there are many firms producing differentiated product and no market power. They all are price takers in the market.

Answer : The market for hotels is monopolistic competition because there are many firms selling differentiated product. It means that product is similar but it\'s quality and taste is different.

Answer : The industry for cruse lines is an Oligopoly market structure because there are few firms that are engaged in Oligopoly strategic behavior. It shows that they are engaged in set higher price from the market.

Answer : The industry for firearms is an Oligopoly market structure because firms produce differentiated product and price maker in the market. They set there own price jointly.