Which best describes how advertising influences consumer choice in an oligopoly?

Asked by maham237 @ 19/12/2020 in Social Studies viewed by 284 People

Advertising coaxes people to buy new products.
Advertising alerts consumers to price reductions.
Advertising undermines competition.
Advertising informs brand knowledge.

Answered by maham237 @ 19/12/2020

The answer is "C", undermines competition.

In a oligopoly, only few brands dominate the market, making it possible for those brands to have a higher price on their products. An oligopoly also means that all companies have a somewhat similar product to the others, only varying in certain characteristics. That means advertising is mostly important to guarantee consumer loyalty.

To do that, brands try to estabilish superiority by comparing their products to other brands to convince the buyers that theirs is better than the rival's.

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