Four major breakfast cereal companies share a majority of the cereal market: Kellogg, Post, General Mills, and Quaker. This is an example of

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02-07-2021
Business

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Four major breakfast cereal companies share a majority of the cereal market: Kellogg, Post, General Mills, and Quaker. This is an example of

Sagot :

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Lanuel Lanuel · Answer 1 · 2021-07-03T20:57:56-04:00

Answer:

Oligopoly

Explanation:

An oligopoly can be defined as a market structure comprising of a small number of firms (sellers) offering identical or similar products, wherein none can limit the significant influence of others.

Hence, it is a market structure that is distinguished by several characteristics, one of which is either similar or identical products and dominance by few firms.

The characteristics of an oligopolistic market structure are;

I. Mutual interdependence between the firms.

II. It's a market that is typically controlled by many small firms.

III. Difficult entry to new firms.

In this scenario, four major breakfast cereal companies share a majority of the cereal market (identical or similar products) such as Kellogg, Post, General Mills, and Quaker. Thus, this is an example of an oligopoly.

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