The household appliance industry has few major manufacturers like Nebula Corp., Cook Well Inc., and Mercury Corp. and a few smaller manufacturers. There is not much competition in this industry because the smaller companies cannot afford to compete aggressively with the large firms which do not engage in price wars. This scenario best illustrates a ________.

Question

Quizplus · Accepted Answer

The scenario is describing a concentrated industry, as there are few major manufacturers dominating the market and smaller companies cannot compete with them on price.

The Household Appliance Industry Has Few Major Manufacturers Like Nebula