Question

Briefly explain Oligopoly

Answer 1

Oligopoly is the state of limited competition ,in which a market is shared by a small number of producers or sellers.

Answer 2

The distinctive feature of an oligopolyis interdependence. Oligopolies are typically composed of a few large firms. Each firm is so large that its actions affect market conditions. ... In a perfectly competitive (PC) market there is zero interdependence because no firm is large enough to affect market price.