How does a startup airline break into one of the most com- petitive industries in the world, notorious for barriers to entry?
Monopoly: It refers to a market where there is a single seller for providing the goods and services in the market. The market consists of some features like barriers to entry of the other firms, single seller, price discrimination, etc.
The start-up airline industry has to work hard to get into the monopoly market because the seller will not allow the firm to come into the market. The airline industry has to be more cost-effective than the existing firms to provide competition to the other firms. The new firm will need to attract more customers so that they will able to sell more. The company must provide more discounts and benefits to the customers to increase their sales. When the sale increases, then people will buy more from them than the existing firms.
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