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### 4-Supply and Demand Economics

LEARNING OBJECTIVE: Determine the effects of supply and demand on different economies.

A large smartphone company is one of only three firms that dominate the global market for smartphones. Therefore, it has a significant influence over pricing.

In which of the following economic markets is the smartphone company operating?

a) Perfect competition
b) Monopoly
c) Monopolistic competition
d) Oligopoly



Answer :

GinnyAnswer

Final answer:

The smartphone company operates in an oligopoly market structure due to its significant influence on pricing within the global smartphone market.


Explanation:

Oligopoly

In an oligopoly, a few firms dominate the market, influencing pricing collectively. The scenario described with a large smartphone company controlling the global smartphone market aligns with an oligopoly.

This market structure allows firms to have significant control over prices due to limited competition, unlike perfect competition where numerous firms compete.


Learn more about Market Structures and Pricing here:

https://brainly.com/question/31033671


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