166k views
15 votes
The airline industry is an example of a(n) ________ industry. A) perfectly competitive B) monopolistic C) monopolistically competitive D) oligopolistic

User Gotye
by
7.9k points

1 Answer

6 votes

Answer:

d

Step-by-step explanation:

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

Oligopolies are characterised by:

price setting firms

product differentiation

profit maximisation

high barriers to entry or exit of firms . There is a high cost of entry into the airline industry due to the high cost of the business

downward sloping demand curve

User Chris Hughes
by
7.2k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.