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    Question

    The global smartphone market is dominated by a few major

    players like Apple, Samsung, and a few Chinese brands. These companies engage in intense competition, often introducing new models with innovative features to capture market share. Which market structure best describes the global smartphone market?
    A Perfect competition. Correct Answer Incorrect Answer
    B Monopolistic competition. Correct Answer Incorrect Answer
    C Oligopoly. Correct Answer Incorrect Answer
    D Monopoly. Correct Answer Incorrect Answer
    E Monopsony. Correct Answer Incorrect Answer

    Solution

    The global smartphone market is an oligopoly because it is dominated by a few large firms that have significant market power and engage in strategic competition with each other.

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