oligopoly

oligopoly definition - business

oligopoly

A market in which a limited number of sellers follow the lead of a single major firm. For example, the domestic tobacco market can be characterized as an oligopoly, with Philip Morris division of Altria being the dominant company in an industry with few participants. Compare monopoly1. See also oligopsony, differentiated oligopoly, duopoly, homogeneous oligopoly.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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