Monopoly

An oligopoly is characterized by a relatively small number of firms offering a similar product or service. Oligopoly products may be branded, as in soft drinks, cereals, and athletic shoes, or unbranded, as in crude oil, aluminum, and cement. The main distinction of oligopoly is that the number of firms is small enough that actions by any individual firm on price, output, product style, quality, introduction of new models, and terms of sale has an impact on the sales of other firms in the industry. Review the Table attached, select (I have selected the firms) a dominant single firm (e-Books (2012) Amazon 60% share), duopoly firm (Appliances (2008) Lowe’s 20% share), and triopoly firm (Rental Cars (2012) Enterprise 39%) and discuss if you foresee any weaknesses in the three firms you selected that would allow entrance into this market or if one of the firm has enough strength to become a monopoly?

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