There Are Only Five Major Recording Labels in the World

question 66

Essay

There are only five major recording labels in the world - Bertelsmann AG's BMG Entertainment, EMI Recorded Music, Sony Music Entertainment, Time-Warner's Warner Music Group, and
Seagram's Universal Music Group. They are responsible for the large majority of music recordings that are made. Harry says that the five music companies operate in an oligopoly.
Maryanne says that the five companies operate in monopolistic competition. Explain how each came to his or her conclusion. Who is correct?

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