Boeing,Airbus,Bombardier Aerospace,and Cessna are among the ten manufacturers and sellers of business jets.Because the production of jets requires a sizeable investment,it is difficult to enter this market and the sellers are quite large.Which of the following best describes the market or industry situation in which these companies operate?

Question

Quizplus · Accepted Answer

The fact that there are only a few large players in the market indicates that it is an oligopoly. Additionally, the significant barriers to entry suggest that the market is not perfectly competitive, and the absence of a single dominant player eliminates the possibility of a monopoly.

Boeing,Airbus,Bombardier Aerospace,and Cessna Are Among the Ten Manufacturers and Sellers