The airplane manufacturing industry has few large competitors who have some control over price. Entry into the industry is difficult. This type of industry is known as a(n) ______.

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The description given matches an oligopoly, which is an industry dominated by a few large firms. The entry barriers are high, and the firms have some control over price due to their influence in the market. A perfect competition has a large number of small firms with no control over price, while a monopoly has a single dominant firm with full control over price. Monopolistic competition has many small firms with some degree of control over price, but entry barriers are low.

The Airplane Manufacturing Industry Has Few Large Competitors Who Have