Identify this industry’s market structure (oil and gas industry) and at least two or more market...
Identify this industry’s market structure (oil and gas industry) and at least two or more market characteristics that support this market structure (250 words please)
Homework Answers
Oil and gas industry is an oligopolistic industry wherein a small number of producers/players exist.
1) This market is characterized by a small number of players which dominate the industry which is due to the fact that they sell differentiated goods i.e. the goods are not homogeneous.
2) Also, marginal cost pricing does not exist in this since firms can charge a higher price due to differentiated product that they offer.
3) This structure exists since there is a barrier to entry of more firms. This barrier to entry could be because of government regulation, high capital costs or technological advantage that the incumbent firm might have.
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Identify this industry’s market structure (oil and gas industry)
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