ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Farmers
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Electronics
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Airline industry
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Book stores
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Detailed explanation-1: -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-2: -The airline industry is characterized by an oligopoly market structure, a form of imperfect competition in which a limited number of firms dominate the industry.
Detailed explanation-3: -The US Airline Industry: an Atypical Oligopoly.
Detailed explanation-4: -The market for electricity is an oligopoly with homogenous products.
Detailed explanation-5: -Throughout history, there have been oligopolies in many different industries, including steel manufacturing, oil, railroads, tire manufacturing, grocery store chains, and wireless carriers. Other industries with an oligopoly structure are airlines and pharmaceuticals.