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"In a hypothetical market of mobile phon...

"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 moblile phone at a relatively lesser price in response, AWAAZ to slashed its price. "
Based on the above information, identify the form of market represented and discuss any one feature of the market.

Text Solution

Verified by Experts

(i) few big firms and large no. of buyers
(ii) Price rigidity (Non-price competition)
(iii) Barriers to entry of fiems
(iv) Interdependence
(Note. For detail refer to Section 10.6 of chapter 10)
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