What is Oligopoly? What is the shape of Demand Curve in this market?
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ECONOMY GOVERNMENT & POLICY
Oligopoly
REVIEWED BY JIM CHAPPELOW Updated May 1, 2019
What is an Oligopoly?
Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. The concentration ratio measures the market share of the largest firms. A monopoly is one firm, duopoly is two firms and oligopoly is two or more firms. There is no precise upper limit to the number of firms in an oligopoly, but the number must be low enough that the actions of one firm significantly influence the others
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