Oligopoly

usgb/ˌɑːlɪˈɡɑːpəli/
noun

A market structure dominated by a small number of large firms, where these firms have significant market power and can influence prices and decisions.

The smartphone industry is often considered an oligopoly due to the dominance of a few major companies.
Visual representation of "oligopoly" - A market structure dominated by a small number of large firms, where these firms have significant market power and can influence prices and decisions.

Usage tips

Neutral

market oligopoly,oligopoly power,oligopoly price

Definition 1 of 2
Visual representation of "oligopoly"
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Contextual Understanding

Understanding how oligopolies can impact pricing is crucial in economics.

Illustration for Contextual Understanding
In oligopolistic markets, a few firms can dictate prices and limit competition.
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Use in Economic Discussions

Recognizing oligopoly as a market structure often comes up in economic studies.

Illustration for Use in Economic Discussions
When analyzing the smartphone market, discussing oligopoly is essential.
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Cultural Connotations

Oligopolies can be viewed negatively for restricting competition, be aware of this when discussing.

Illustration for Cultural Connotations
In debates about fair market practices, the term oligopoly carries a certain weight.
Visual representation of the word "Oligopoly"

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