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.
Control of a commodity or service in a given market by a small number of companies or suppliers.
Webster's New World
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.
Webster's New World Law
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.
Other Word Forms of Oligopoly
Origin of Oligopoly
Derived, by analogy with monopoly, from Ancient Greek ὀλίγοι (oligoi, “few") + πωλέω (pōleō, “to sell"). From oligo- +"Ž -poly
From American Heritage Dictionary of the English Language, 5th Edition
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