Consider AirTrain and BigJet, two airlines that currently fly non-stop flights on a route from Pittsburgh to Orlando. The airlines must (simultaneously) choose one of two possible flight times (9am or 4pm) in order to appeal to different customer groups. Demand is thin on this particular route so if they both choose the same flight time market price will be driven down (along with their expected payoffs).

Is the industry an oligopoly? (why or why not?

What characteristics of oligopoly are present in the industry (provide examples/evidence)?