An oligopolistic market is characterized by a few large firms.
An oligopolistic market is such that there are a few large firms who control the majority of the market share. This means that these large firms are able to dictate the price that they sell their products to the consumers in the market. Oligopolistic markets usually come about as a result of high barriers to entry into a business, or brand recognition of the large firms that is so strong that if another company tried to enter the market, they might not be successful.
Oligopolistic markets are found around the world and in various types of industry. For instance, the soft drink industry is an oligopolistic market because it is controlled by Pepsi and Coca - Cola. While there are other firms in the soft drink business, these two large firms control the industry at a global level.
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