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What is an oligopoly in economics?
What is an oligopoly market structure?
How does an oligopoly differ from a monopoly?
How does an oligopoly work?
Apr 15, 2024 · An oligopoly is a market structure wherein a small number of producers work to restrict output or fix prices so they can achieve above-normal market...
An oligopoly (from Ancient Greek ὀλίγος (olígos) 'few', and πωλέω (pōléō) 'to sell') is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in ...
The meaning of OLIGOPOLY is a market situation in which each of a few producers affects but does not control the market.
a situation in which only a small number of companies are involved in producing a particular type of goods or in providing a particular type of service. The group of companies itself is also referred to as an oligopoly: Some say that Swedish banking is an oligopoly: the big four banks control 89% of total banking assets. Compare. monopoly.
Aug 28, 2021 · Definition of oligopoly. An oligopoly is an industry dominated by a few large firms. For example, an industry with a five-firm concentration ratio of greater than 50% is considered an oligopoly. Examples of oligopolies. Car industry – economies of scale have caused mergers so big multinationals dominate the market.
noun. economics a market situation in which control over the supply of a commodity is held by a small number of producers each of whom is able to influence prices and thus directly affect the position of competitors. oligopoly. Control over the production and sale of a product or service by a few companies. Discover More. Derived Forms.
Feb 20, 2024 · Oligopoly is an economic term that describes a market structure wherein only a select few market participants compete with each other. The competitive dynamics within an oligopoly are distorted to favor a limited number of influential sellers. How Does an Oligopoly Work in Economics?
