If the smartphone market has only two firms, this market would be a

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A duopoly industry is a market structure in which there are only two firms. This situation allows for significant market power for each firm, leading to potential collusion and price-setting behavior. While there may be some competition between the firms, the presence of only two firms limits the potential for a perfectly competitive or monopolistically competitive industry. A monopoly industry would require only one firm.

If the Smartphone Market Has Only Two Firms, This Market