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Definition: Oligopoly

Oligopoly is a form of market in which the industry is dominated by a few big sellers. As the number of sellers is low this form of market has some specific characteristics. These include:

  1. These markets setts the price rather than taking it.
  2. Entry and exit barriers are high.
  3. As the number of firms are few hence they one firm can impact the decision of other firms.
  4. Products may be either similar in nature or differentiated.


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