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15 August, 20:57

Suppose there are only four airlines that service the air route between two cities. If there is a barrier to entering the market (such as a limited number of gates), the market is best characterized as:

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  1. 15 August, 21:02
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    Oligopolistic

    Explanation:

    A market controlled by few firms and that presents barriers for the entrance of new competitors is usually characterized as an oligopolistic market. In an oligopoly, a small number of companies offering similar products or services rule over the market with the ability to collude to control prices or resources and prevent new competitors from arising.
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