oligopoly Definition
a market situation in which a small number of companies or suppliers control all or most of the market for a particular product or service.
Using oligopoly: Examples
Take a moment to familiarize yourself with how "oligopoly" can be used in various situations through the following examples!
Example
The telecommunications industry is an oligopoly, with only a few major players controlling the market.
Example
The airline industry is dominated by an oligopoly of major carriers.
Example
The automobile industry is characterized by an oligopoly of large multinational corporations.
oligopoly Synonyms and Antonyms
Phrases with oligopoly
the ability of a small number of companies to control prices and output in a particular market
Example
The government has been investigating allegations of oligopoly power in the pharmaceutical industry.
oligopoly pricing
the practice of a small number of companies agreeing to set prices at a certain level in order to maximize profits
Example
The company was fined for engaging in oligopoly pricing with its competitors.
a market in which a small number of companies control all or most of the supply of a particular product or service
Example
The energy sector is an example of an oligopoly market, with a few large companies dominating the industry.
Summary: oligopoly in Brief
The term 'oligopoly' [ˌɑːlɪˈɡɑːpəli] refers to a market situation where a small number of companies or suppliers control most or all of the market for a particular product or service. It is characterized by a lack of competition and the ability of these companies to control prices and output. Examples include the telecommunications, airline, and automobile industries.
