If oligopolists engage in collusion and successfully form a cartel, the market outcome is the same as a monopoly.
What is oligopoly?
- Oligopoly markets are dominated by a small number of suppliers. Oligopoly is a type of imperfect competition characterized by competition between a small number of parties.
- In a market, an oligopoly exists when there are two to ten vendors selling similar or distinct goods.
- The market for cold drinks is an excellent example of an oligopoly. They can be found in every country and in a wide range of industries.
- While some oligopoly markets are significantly more competitive than others, others can appear to be so.
- The recording industry, cellular carriers, airlines, film and television production, and music are all examples of oligopolies in the United States.
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