In the united states, which type of industry is often considered part of an oligopoly? electric companies cell phone carriers mail delivery services denim companies econ

In the United States, cell phone carriers are considered to be a part of an oligopoly. To understand how an oligopolist firm or entity functions within an economic structure, we need to have an overview of what exactly is an oligopoly.  

Further Explanation:

In an oligopolist setting, different firms produce similar kinds of products that vary only slightly from each other. The key to being successful within an oligopolist economic framework is to introduce innovation and technology within a limited framework of a particular product. For example, if we consider the United States cell phone service network, there is a wide range of companies that provide cell phones in the market. The customer thus has a variety of options. These cell phone carrier firms try to gain an edge from their competitors by including cutting edge technology in their cell phones, or claiming their phones to have a better build or software support than the others. The customer generally purchases products from the firm that provides quality products and services within a justifiable price range. It has to be noted that the price range usually varies with the purchasing capabilities of various customers.  

In an oligopolist setting, the consumer is faced with multiple options while purchasing on the market. The cell service carriers try to get an edge from their competitors by trying to incorporate as many features possible within the limited framework of a cell phone. Most of the costs involved in a cell phone production industry go towards the research and development field, as the production costs have to be always covered by the final selling price. The electronics appliances market is also another example of an oligopolist setting. Customers can choose between various manufacturers for the purchase of a single product. However, customers often choose the product that comes with maximum features, a warranty period of free servicing and installation, compatibility, all within a price range that the consumer thinks is best suited for themselves. However, in a standard oligopolist setting, certain companies tend to capture the entire economic setting, while overshadowing the market shares of smaller producers.

Learn more:

1.The law of demand applies most directly to which group?

2.If you see someone in another boat raising and lowering their arms repeatedly, what is the first thing you should do?

Answer Details:

Grade: High School

Chapter: Types of economies

Subject: Economics

Keywords:

Oligopoly, similar products, consumer choices, research, and development, providing maximum features within a limited framework, purchasing power.

the two things that develop a strong social foundation are: a. separation of church and states e. education received attention separation of church and states separate the illogical  argument that came from religious beliefs to a fact based belief. while education will make us remember the past to avoid the repeat of our mistakes.