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What Is An Oligopoly?

Answer»

OLIGOPOLY is a market where the supply is controlled by a small group of companies. In this condition, the actions of one company will have a material effect on the entire market for a product.

Several characteristics of an Oligopoly:

  1. Substantial barriers to ENTRY.
  2. Market dominated by a few large FIRMS.
  3. Differentiated products.
  4. PRICE rigidity.

Oligopoly is a market where the supply is controlled by a small group of companies. In this condition, the actions of one company will have a material effect on the entire market for a product.

Several characteristics of an Oligopoly:


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