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if there are two gas stations in a very small town then the gasoline industry is probably best characterised as
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if there are two gas stations in a very small town then the gasoline industry is probably best characterised as

User Ko Cour
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9 votes

Answer:

Oligopolistic

Step-by-step explanation:

An Oligopoly is when there are few large firms operating in an industry.

When there are two firms in an industry, it is known as a duopoly

Oligopolies are characterised by:

  1. price setting firms
  2. product differentiation
  3. profit maximisation
  4. high barriers to entry or exit of firms
  5. downward sloping demand curve

User Shantesh
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