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