Oligopolistic Markets: Airline and Automobile Industries (Essay Sample)
this was a simple business assignment where I was required to state 2 types of industries that would consider oligopolistic and the reason why they consider it. In the first step, it was important to know what type of market an oligopoly is, which I stated in the introduction and a few more detail. from the definition, I went ahead and identified the industries that would prefer the oligopoly type of market. the explanation as to why i would categorize the 2 industries under oligopoly followed.
In conclusion, I explained why I choose the two industries and gave my reasons.
Economics
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An oligopoly denotes a market configuration where a limited number of companies rule and contend for control. Industries like this present considerable challenges for new entrants, with firms holding considerable influence in the marketplace and having to factor in the activities of their rivals while devising long-term plans. The airline and automobile industries are considered as typical characteristics of oligopolistic markets, based on the attributes they possess. The airline sector can be classified as an oligopoly because of its strong market dominance and substantial barriers to new entrants. The aviation industry is primarily governed by a handful of major airlines as they hold a significant portion of the market share (YAŞAR et al., 2023). These airlines possess
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