Question

define oligopoly. describe its main features.

Answer 1

The term oligopoly is derived from two Greek words: ‘oligi’ means few and ‘polein’ means to sell. Oligopoly is a market structure in which there are only a few sellers (but more than two) of the homogeneous or differentiated products. So, oligopoly lies in between monopolistic competition and monopoly.

Answer 2

The Oligopoly Market characterized by few sellers, sellingthe homogeneous or differentiated products. In other words, the Oligopolymarket structure lies between the pure monopoly and monopolistic competition, where few sellers dominate the market and have control over the price of the product.