Final answer:
In an oligopoly, a few sellers can exert substantial control over prices. Examples of oligopoly include the auto industry, cable television, and commercial air travel.
Step-by-step explanation:
In an oligopoly, a few sellers can exert substantial control over prices. Oligopoly arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly include the auto industry, cable television, and commercial air travel. The decisions of oligopolistic firms about pricing and quantity produced involve considering the pros and cons of competition versus collusion at a given point in time.