After the airline mergers, the four remaining airlines had an increased level of market power. For consumers, this meant that they had to pay: a. higher prices, regardless of consumer demand. b. lower prices, regardless of consumer demand. c. the same price because airfares were not impacted by market power. d. higher prices, but only for business class travelers. 2. After the airline mergers, the four remaining airlines had an increased level of market power. For the airlines, this meant that the remaining airlines had a. the power to limit competition. b. the power to choose the best routes. c. the power to perfectly price discriminate. d. the power to set airfares without losing all customers. 3. Why is it more difficult for firms to enter an oligopolistic industry than a highly competitive one

A) After the merger, because there is now an Oligopoly, it means that consumers may pay higher prices as market power is now concentrated with the few airlines. Hence, the correct answer is A.

B) It also meant that the airlines now had the power to limit competition. With the loss of competition, consumers may pay higher prices. Thus, the correct answer is A.

C) Usually, the barriers to entry are higher for Oligopoly markets. This is why it is easier to enter a perfect market than an Oligopoly.

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