8. As airlines consolidated from 11 down to 4, they began to show signs of oligopsony....
8. As airlines consolidated from 11 down to 4, they began to show signs of oligopsony. Point to a couple of them. Answer:
Homework Answers
In an oligopsony, there are only a few buyers, while the number of sellers are more than 2, and could be numerous.
This is the kind of market where these small number of buyers have a great deal of influence over the price of their own inputs.
e.g. Say during the pandemic only a handful of people are travelling domestically, while the number of airlines offering tickets are a lot( American airlines, United airlines, JetBlue, Delta airlines, etc) , i.e. a situation of many sellers and few buyers ( passengers ). Now, these numerous suppliers are competing to sell their supply(tickets or flight services) to a relatively small number of people(buyers). Hence, the buyers are actually dictating control over the sellers as they are driving down prices.
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8. As airlines consolidated from 11 down to 4, they began to
show signs of oligopsony....
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please show all work
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