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Characteristics of Oligopoly

-There are not many sellers
-Firms sell either identical or similar products
-There are many barriers to enter or exit the market

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-In an Oligopoly business structure, many businesses only have close competition with businesses you sell the same products as you and how easy it is to get into that business with the same product.
-In an Oligopoly business, the businesses are in control over their prices. Which means they can set their own prices to whatever they need. For example, airlines set their own prices to different locations because of how popular the location may be.

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Business Profile
-Sun Country Airlines
-Minnesota Airline
-Cheap Prices for Flights
-Operates one type of aircrafts
-Identical to airlines like Spirit, Frontier, Southwest for the low fare costs.

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Advantages:
1. It is an easy market to get into. For example, all of these airlines, especially cheap low-fare airlines, are being brought into the industry because of how much cheap airlines can make.
2. The businesses are allowed to set their own prices for their products. For example, airlines are allowed to adjust the price for each seat. First class will be more expensive compared to economy because of the seat improvements.

Disadvantages:
1. People who are shopping in the market, have less of a choice because most of the products are the same. Again, for example airlines that take you to the same place, will have no effect on the seller because they will be getting the same product with any other airlines.
2. Innovations can be slow. With the same products being out there, innovations will be very slow because they will want to try and stay with the competition. With airline seats, many airlines don't change how their seats looks yearly because they don't have the need to change it if the competition is also keeping it the same.