Changes

1.  Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.

1.  Identify an industry not mentioned in the lecture that is an oligopoly, and explain why.

:The video game industry (consisting of companies like Nintendo, Sony and the manufacturer of X-box) is an example of an oligopoly, because there are few competitors. There barriers to entry of high investment costs and effort in order to create a new video game company.  Also, most of the video game systems are similar.

:The video game industry (consisting of companies like Nintendo, Sony and the manufacturer of X-box) is an example of an oligopoly, because there are few competitors. There are barriers to entry of high investment costs and effort in order to create a new video game company.  Also, most of the video game systems are similar.

2.  Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).   

2.  Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).