oh jim please dont quote wikipedia unless it is just a quick overview as they are not a credible source, high school teachers dont even accept it when students write papers or make powerpoints........and with something like monopoly it is easy and quick to find a definition of monopoly that is coming from a more acceptable source
im not saying you are wrong, im just saying wikipedia sucks `
FYI azstar is actually correct.........Jim what you are talking about is actually Monopolistic Competition but many sources incorporate it into being in the definition of monopoly but for all intensive purposes it is a monopoly
I could write up a whole bunch and show the differences but it still comes down to the fact that monopoly means one where monopolistic compitition means few players in the market with little chance of expansion (either through barriers from existing companies or regulations) and some other stuff but im not gonna get into it unless asked.......straight from two textbooks that i looked at this morning
so while many people and definitions will include monopolistic competition as being a monopoly it isn't the case, they are two different but similar structures, monopolistic competition fits between a monopoly and oligopoly
jim is pretty much correct though, smaller airlines have the opportunity to get bigger and become bigger players but they will find it very hard and it depends if they are there for a niche or looking to grow
|