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What market model is Airbnb in? (pure competition, monopolistic, oligopoly, or monopoly)?

What market model is Airbnb in? (pure competition, monopolistic, oligopoly, or monopoly)?

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Answer #1

The market model is an oligopoly. In an oligopoly, the entire market is captured by a few large firms. In the market model of Airbnb also there are a few large firms which dominate the entire market. Also, in an oligopoly, firms compete on the basis of product differentiation, service, and other non-price factors. Alos, there is a high barrier to entry and exit. In the market model of Airbnb, the leading firms provide differentiated services and indulge in non-price competition. Also, there is high entry barrier because of requirements for initial investment and technological expertise.

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