Select An Industry Or Firm: Market Structure Of An Industry

Market Structure of an Industry
Author Name
Institution Affiliation
The industry I have chosen for this project is the Airline Industry, and the market structure is Oligopoly. In this form, an industry or a market is dominated by a large number of sellers, which are called oligopolists (Jayasekera, 2010). The first characteristic of the airline industry is that large firms are present in a small number. Each of the airline companies is bigger than the actual market size, and this gives them a chance to control the market according to their own rules and regulations.
With only a few sellers, oligopolists are likely to be aware of the actions and policies of others (Harvey, 2007). For example, Delta Air Lines, American Airlines and Southwest Airlines are dominating the airline industry for years, and all of them are familiar with the basic terms and conditions or policies of one another. The second characteristic is that identical products or services are provided. For example, there is a business class and an economy cla...