oligopoly[äl′i gäp′ə lē]
- Oligopoly is defined as an economic market where there is limited competition.
If there are only two phone service providers for an entire large city and people have to choose from among those two, this is an example of an oligopoly.
Origin of oligopolyolig(o)- + (mon)opoly
Origin of oligopolyoligo– + (mono)poly.
Derived, by analogy with monopoly, from Ancient Greek á½€Î»Î¯Î³Î¿Î¹ (oligoi, â€œfewâ€) + Ï€Ï‰Î»ÎÏ‰ (pÅleÅ, â€œto sellâ€). From oligo- +â€Ž -poly
oligopoly - Investment & Finance Definition
A situation in which a few companies share control of the market for selling a good or service. Therefore, they are jointly able to exert a good deal of influence over consumer prices. Firms in an oligopoly situation have a great deal of interdependence, because if one firm changes its prices or competitive structure, it affects all members in the industry. The airline and tobacco industries are examples of oligopolies.
oligopoly - Legal Definition