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Business
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By definition, oligopoly is a market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors (The American Heritage Dictionary of the English Language, 4th Edition, 2000). The automotive industry is a great example of this market environment...
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The automotive industry is a great example of this market environment. Entry into the automotive industry is very difficult since it requires a large amount of capital investment (Ebert and Griffin, 2003). There are few sellers but endless abundance of buyers. When one seller decides to alter their pricing strategy, it will affect its competitors to alter their strategies...
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