What is oligopoly and what are its characteristics
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An oligopoly is an industry which is dominated by a few firms. In this market, there are a few firms which sell homogeneous or differentiated products. Also, as there are few sellers in the market, every seller influences the behavior of the other firms and other firms influence it.
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A food chain only follows just one path as animals find food. eg: A hawk eats a snake, which has eaten a frog, which has eaten a grasshopper, which has eaten grass. A food web shows the many different paths plants and animals are connected. eg: A hawk might also eat a mouse, a squirrel, a frog or some other animal.
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