Oligopoly meaning

ŏlĭ-gŏpə-lē, ōlĭ-
Frequency:
An industry that is dominated by a small number of companies that manufacture substantially identical products. The American automobile industry and the tobacco industry are two examples. An oligopoly is far less competitive than one with many manufacturers, but slightly more competitive than a monopoly.
noun
3
0
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.

noun
0
0
A market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors.
noun
0
0
Control of a commodity or service in a given market by a small number of companies or suppliers.
noun
0
0
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.
0
0
Advertisement
An economic condition in which a small number of sellers exert control over the market of a commodity.
noun
0
0

Origin of oligopoly

  • oligo– (mono)poly

    From American Heritage Dictionary of the English Language, 5th Edition

  • Derived, by analogy with monopoly, from Ancient Greek ὀλίγοι (oligoi, “few") + πωλέω (pōleō, “to sell"). From oligo- +"Ž -poly

    From Wiktionary