The automobile industry in a developing country has very few available brands. Of one automobile company raises the prices of its trucks by a certain amount, other automobile companies follow by raising prices by a similar amount. This situation is an example of

Question

Mckenna Hull

Business

6 June, 04:03

The automobile industry in a developing country has very few available brands. Of one automobile company raises the prices of its trucks by a certain amount, other automobile companies follow by raising prices by a similar amount. This situation is an example of

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Answers (1)

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Precious · Answer 1

correct answer is Oligopoly

Explanation:

this is an example of Oligopoly

because of Oligopoly

it is a market structure with many small companies and no company keep others by the significant influence

so as the company is characterized by some seller and if one company will increase the price and other company also follow suit

it is an example of Oligopoly

so correct answer is Oligopoly