Oligopolies exist in many familiar places. Here is a list of some oligopolistic industries:

Automobile industry

Diamond industry

Airline industry

Aircraft manufacturing industry

Steel industry

Cereal industry

Oil industry

Photographic equipment industry

Telecommunications industry

Media industry

1.Choose an oligopolistic industry from the list provided. List at least three companies in this industry.

2.What types of products do these companies sell?

3.How many major companies are in the industry, and what percentage of the market do these companies control?

4.Why do you think this industry is characterized by an oligopolistic market structure instead of another market structure, such as monopolistic competition?

5.What types of incentives are effective in attracting customers to buy the industry's product(s)?

6.What are the barriers to entry into this industry?