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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 ...
Apr 15, 2024 · An oligopoly is a market structure where a small number of firms control the market and set prices or output. Learn about the advantages, disadvantages, and examples of oligopolies, as well as how they are influenced by game theory and government policy.
May 11, 2018 · Oligopoly, the economist’s analogue to oligarchy in political science, is defined as a market situation where independent sellers are few in number. The origin of the term is not clear, but it is known to have appeared in the original, 1518 Latin version of Thomas More’s Utopia.
An oligopoly 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 those industries.
Jul 17, 2023 · Key Terms. oligopoly: An economic condition in which a small number of sellers exert control over the market of a commodity. returns to scale: A term referring to changes in output resulting from a proportional change in all inputs (where all inputs increase by a constant factor).
Mar 21, 2024 · oligopoly, market situation in which each of a few producers affects but does not control the market. Each producer must consider the effect of a price change on the actions of the other producers. A cut in price by one may lead to an equal reduction by the others, with the result that each firm.
