The aerospace industry has been shaken up by SpaceX,a small company building innovative passenger spacecraft.However,because of extremely high startup costs,the industry remains dominated by a small number of large corporations.Its market structure may be described as a(n)__________.

Question

​ The aerospace industry has been shaken up by SpaceX,a small company building innovative passenger spacecraft.However,because of extremely high startup costs,the industry remains dominated by a small number of large corporations.Its market structure may be described as a(n)__________.

Quizplus · Accepted Answer

An oligopoly is a market structure in which a small number of large firms dominate the industry. While SpaceX has disrupted the market, the high startup costs have made it difficult for other smaller firms to enter the market, resulting in an oligopoly.

​ the Aerospace Industry Has Been Shaken Up by SpaceX,a

the Aerospace Industry Has Been Shaken Up by SpaceX,a