oligopoly

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Definition
  1. Noun:
    • (Economics) A market structure: An oligopoly is a state of limited competition in which a market is shared by a small number of producers or sellers. These few firms have significant control over the supply of a commodity or service, and each firm's actions (regarding price, output, etc.) can influence market conditions and directly affect its competitors.
Usage
  • The term is used primarily in economics and business contexts to describe and analyze market conditions where competition is restricted to a few dominant players.
  • It describes the market itself (e.g., "the automotive industry is an oligopoly") or the concept/state (e.g., "the trend toward oligopoly").
Examples
  • Noun:
    • The telecommunications industry is often cited as a classic example of an oligopoly.
    • In an oligopoly, firms are highly interdependent; one company's price cut can trigger a price war.
    • Government regulators are concerned that the merger would create an oligopoly and reduce consumer choice.
Advanced Usage
  • "Tight oligopoly": Refers to a market controlled by a very small number of firms (e.g., 3-4), leading to high concentration and significant barriers to entry.
    • The commercial aircraft manufacturing sector is a tight oligopoly dominated by two major companies.
  • "Oligopoly power": The influence or control wielded by the dominant firms in such a market.
    • The committee investigated the oligopoly power of the major tech platforms.
Variants and Related Words
  • Oligopolistic (adjective): Characteristic of or relating to an oligopoly.
    • The market is highly oligopolistic, with three firms holding over 80% of the market share.
  • Oligopolist (noun): One of the firms or entities that constitutes an oligopoly.
    • The major oligopolists in the industry often engage in parallel pricing.
Synonyms
  • Concentrated market: A market where a large percentage of sales is controlled by a few firms.
  • Non-competitive market: A market lacking the conditions of perfect competition.
Related Concepts (Not Phrasal Verbs)
  • Collusion: A secret or illegal cooperation or agreement, especially in an oligopoly, to limit competition.
  • Price leadership: A situation in an oligopoly where one firm, usually the dominant one, sets prices that are followed by other firms in the market.
  • Barriers to entry: Obstacles that make it difficult for new competitors to enter a market, a key feature of oligopolies.
Noun
  1. (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