Although there are only a few major cell phone service providers in the US, explain why this oligopoly of today is much different than the telecommunications competition landscape that existed when there were only a few telephone companies in the 1980s and before.

 

If there is a few mobile service providers they will collude each other and act as monopoly in the market. Especially today's. Because the consumers have been increasing day by day. So, the firms set the prices together. Today's oligopoly is much different than the telecommunications competition landscape that existed when there were only a few telephone companies in the 1980s and before. At these time there were have less customers. There were have no higher demand. So, there were less competitions. Nowadays the technology has been increasing and its importance also. We can't leave without the technology and mobile connections. Here the consumers needs maximum utilized by the mobile service providers together by forming a collusion. No other firm can enter into this market because having the feature of barriers to entry. So, the existing firms are earn positive economic profit.