Oligopoly

Oligopoly is a market structure characterized by a small number of large firms or sellers that dominate the production, distribution, and pricing of goods or services within an industry, leading to significant market power and interdependence among competitors. In an oligopoly, firms may engage in strategic behavior, collusion, or non-price competition to maintain market share, limit competition, and influence market outcomes. Oligopolies are common in industries such as telecommunications, automotive, and banking.