Final answer:
An oligopoly is a market structure where a few large firms dominate, making strategic decisions based on each other's actions. Examples include the aircraft and soft drink industries.
Step-by-step explanation:
The term for an industry characterized by relatively few firms controlling most of the production and sale of a product or service is oligopoly. An oligopoly is a market structure where a small number of large firms dominate the market.
Examples of oligopolies include the commercial aircraft industry, with Boeing and Airbus producing the majority of large commercial aircraft, and the U.S. soft drink industry, dominated by Coca-Cola and Pepsi.
These markets have high barriers to entry and firms make strategic decisions regarding output, pricing, and other factors based on their competitors' actions.
In oligopolistic markets, firms may either compete intensely or collude to maximize profits, sometimes resembling a monopoly or perfect competition in their behavior.