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Oligopoly
What does it mean?
When a particular market is controlled by a small group of firms.
In Other Words...
A monopoly is when only one company exerts control over most of a market. An oligopoly is similar except that there are at least two firms.
The retail gas market is a good example of oligopoly, there are a small number of firms that control a large majority of the market.
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Related Terms
Cartel | Duopoly | Monopoly | Oligopsony | Perfect Competition
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