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What is "oligopoly"

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oligopoly
Longman Dictionary of Contemporary English
oligopoly
noun
EXAMPLES FROM CORPUS
▪ An oligopoly exists in a market with just a few sellers.
▪ As a consequence of this trend, defensive mergers took place to protect local oligopolies.
▪ By controlling the oligopolies the state can direct aggregate performance.
▪ For some time, since the 1920s, it had been a conservative, uncompetitive oligopoly.
▪ It is apparently a competitive oligopoly.
▪ The oligopolies will not be divided into small-scale firms.
▪ The alarming increase in media oligopolies has led to a subsequent decline in any need for public accountability on the part of media corporations.
▪ What we do in this chapter is the reverse: we focus on the implications of oligopoly.
Douglas Harper's Etymology Dictionary
oligopoly

1887, from Medieval Latin oligopolium, from Greek oligos "little, small," in plural, "the few" (see oligo-) + polein "to sell" (see monopoly).

Wiktionary
oligopoly

n. An economic condition in which a small number of sellers exert control over the market of a commodity.

WordNet
oligopoly

n. (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors

Wikipedia
Oligopoly

An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers. Oligopoly has its own market structure.

With few sellers, each oligopolist is likely to be aware of the actions of the others. According to game theory, the decisions of one firm therefore influence and are influenced by decisions of other firms. Strategic planning by oligopolists needs to take into account the likely responses of the other market participants.

Usage examples of "oligopoly".

Liberals succeed by impressing an oligopoly of fellow liberals rather than winning in the marketplace of ideas.

Although it discounted HBC transportation invoices by one-third, helping to maintain the London firms oligopoly in the area, the transportation company still turned such a huge profit that annual dividends of 80 percent were not unusual.

Hobie was now convinced that refined sugar was the product of a ruthless oligopoly, the subjugators of Cuba and Hawaii, who had purified their product in order to addict children, while appealing to the basic racist subtext of American life by turning a brown commodity white.

It was also perfect for the insiders in this oligopoly, and their spectacular financial growth reflected it.

Rothschilds, Schiffs, Bernard Baruch-and the most successful mining entrepreneurs, principally the Guggenheims, in the early years of the century laid the foundation for the minerals oligopolies that control the world market today.