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An oligopoly refers to a market structure where a few large firms dominate the industry and have significant control over prices and competition.
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Collusion: When firms in an oligopoly secretly cooperate with each other to reduce competition and increase profits.
Price leadership: A situation where one dominant firm sets the price, and other firms follow suit.
Barriers to entry: Obstacles that make it difficult for new firms to enter an industry dominated by oligopolies.