“In a hypothetical market of mobile phones, the brand AWAAZ was leading the market share. Its nearest competitor VAARTA suddenly changed its strategy by bringing in a new model of the mobile phone at a relatively lesser price. In response, AWAAZ too slashed its price.” Based on the above information, identify the form of market represented and discuss any one feature of the market
Oligopoly form of market
Feature :-
Mutual Interdependence - Since all the firms in the market are big , decisions related to price and output affects another firms. Firms considers and watches other firms what their decision would affect the rival firms and how rival firms would react.
Feature :-
Mutual Interdependence - Since all the firms in the market are big , decisions related to price and output affects another firms. Firms considers and watches other firms what their decision would affect the rival firms and how rival firms would react.