"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.

"In a hypothetical market of mobile phones, the brand AWAAZ was leadin

1.	"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.
Answer» Solution :(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)