Answer :
Final answer:
An oligopoly is a market structure dominated by a few large firms, such as the automotive industry in the U.S. and the commercial aircraft market with Boeing and Airbus.
Explanation:
The market structure characterized by a few large firms dominating a market is known as an oligopoly. This market structure is distinctive because it contains high barriers to entry and limited price competition, leading to fewer firms and potentially higher prices for consumers. For instance, before international manufacturers entered the market, U.S. automakers formed an oligopoly within the domestic automobile industry. Similarly, the commercial aircraft market can be seen as a duopoly with Boeing and Airbus being the two major players, each possessing a substantial share of the market.
