- Pretend for a moment that this is Twitter and you only have 140 characters to respond in — write a tweet defining and/or describing oligopoly.
- Can you think of a market that was an oligopolistic market, but has changed and is now either leaning monopoly or Monopolistic competition? Were regulatory agencies involved? (Good or bad.)
- OR if you want to be more current — what about Facebook and Google? Are they monopolists? Should we use anti-trust legislation to break up Facebook/Whatapp/Youtube? Is that a monopoly?
An Oligopoly is when few sellers or producers control a market. The market has tough barriers of entry.
Mobile Smartphones used to be an Oligopoly with Apple, Google, Samsung, Microsoft, Blackberry RIM, LG, and a few others competing in the market. Now it looks like Samsung, Apple, and Xiaomi are the top by market share.
Both Facebook and Google control the online digital marketing space. It is basically a monopoly. I don’t think we should use anti-trust legislation to break up Facebook since I don’t think it abuses it’s power too much. There are competitors and many are slowly moving away from those platforms over to Snapchat, Twitter, Discord, etc. Should Facebook/Meta be allowed to have purchased WhatsApp? I don’t think so. That is an area where legislation should have stepped in.
Youtube is owned by Google, not Facebook.
Dude.World 