ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An oligopoly market consists of a small number of relatively large firms that produce similar but slightly different products. Under oligopolies, there also exist some entry barriers with which other enterprises have to contend. Good examples include industries such as oil & gas, airline, and automakers.

Detailed explanation-2: -The US Airline Industry: an Atypical Oligopoly.

Detailed explanation-3: -The U.S. airline industry today is arguably an oligopoly. An oligopoly exists when a market is dominated by a small group of companies, often because the barriers to entry are significant enough to discourage potential competitors.

Detailed explanation-4: -Oligopoly. An oligopoly is dominated by a few firms, resulting in limited competition. They can collaborate with or compete against each other to use their collective market power to drive up prices and earn more profit. Entering into an oligopoly is difficult.

Detailed explanation-5: -Generally civil aviation markets exhibit either monopolistic or oligopolistic market characteristics. The Indian civil aviation market post deregulation can be characterized as an oligopoly.