define oligopoly....
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An oligopoly is a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power. Context: ... When all firms are of (roughly) equal size, the oligopoly is said to be symmetric.
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An oligopoly is a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power. Context: ... When all firms are of (roughly) equal size, the oligopoly is said to be symmetric.
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