Table of ContentsIntroductionGeneral Motors' Response to Market ForcesConclusionIntroductionThe oligopoly market structure remains a dominant economic phenomenon that characterizes many industries around the world today. Essentially, an oligopolistic market includes a few dominant companies that dominate the market while facing limited competition from other, smaller players. The market shares of these dominant companies significantly affect the prices and quality of goods and services in the market. In this essay, I will explore the structure of the oligopolistic market through a case study of General Motors. General Motors is one of the largest and oldest automobile manufacturers in the world, characterized by an oligopolistic market structure. We will analyze how General Motors has responded to competition and market forces in its struggle to maintain its place as the dominant player in the global automobile industry. Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayGeneral MotorsGeneral Motors is an American multinational corporation headquartered in Detroit, Michigan. It was founded in 1908 and is one of the largest automobile manufacturers in the world. The company has come a long way in its nearly 114-year history, surviving numerous market crises and substantial changes in the automotive industry. General Motors is credited with pioneering the concept of the modern automobile assembly line in the 1920s, revolutionizing vehicle production. Over the years, General Motors expanded its operations and acquired several other automobile brands, such as Chevrolet, Cadillac and GMC. The automobile industry has been characterized by an oligopolistic market structure for several decades. The sector is dominated by a few major players who hold a significant market share globally. This market structure has led to a high level of competition, with each of the major players striving to outperform the other through innovative technologies and marketing strategies. The major players in the automobile industry are General Motors, Toyota, Volkswagen and Ford. General Motors' Response to Market Forces General Motors has been at the forefront of the automobile industry for many years. It has survived several market crises, including the economic downturn of 2008, during which the company filed for bankruptcy. The company has continued to innovate its automobiles and invest in technological advancements, such as electric vehicles and autonomous driving. The company has also responded to changing consumer tastes and preferences by introducing new models to meet changing market demands. The company has partnered with other major players in the industry to gain a competitive advantage. For example, in 2021, General Motors announced a $2 billion investment in Cruise, a division of GM aimed at developing autonomous vehicles. This investment responded to growing consumer demand for autonomous vehicles. General Motors has also participated in several joint ventures with other automakers to develop new technologies and increase its market share. For example, General Motors partnered with Honda in 2020 to develop new technologies in electric and autonomous vehicles. General Motors has also been involved in significant restructuring to improve efficiency and reduce costs..