Question

Which of the following industries is an example of an oligopoly in the United States economy?

Airlines

Locally owned restaurants

Shoe repair

Beauty salons

Answer 1

The airline industry is an example of an oligopoly in the United States economy. An oligopoly is characterized by a market that is dominated by a few large firms, and in the case of airlines, a small number of major carriers control a significant portion of the market. The other industries listed, such as locally owned restaurants, shoe repair, and beauty salons, are typically more fragmented and competitive rather than dominated by a few firms.