The airline industry is in long-run equilibrium when the price of gasoline increases, raising the cost of operating airplanes. in the long run, the number of airlines in business should decrease.
What is industry?
A group of businesses that are connected by their main lines of business are referred to as an industry. Numerous industry classifications exist in contemporary economies. Sectors are generally used to group together industry classifications into larger categories. According to their primary sources of income, individual companies are typically categorised into an industry. For instance, even though an automaker might have a financing division which contributes 10% to the company's overall revenues, this same company would be categorised in the automaker industry by the majority of classification systems. Based on the main product produced or sold, similar businesses are categorised into industries. In this way, industry groups are effectively formed, and these groups can later be used to separate businesses from those who engage in other types of activities.
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