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Explain an Oligopoly

Explain an Oligopoly?

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Oligopoly is a market where the supply is handled by a small group of companies. In this state, the acts of one company will have a material result on the whole market for a product.

Numerous characteristics of an Oligopoly:

i) Market dominated by a few large firms

ii) Substantial barriers to entry

iii) Price rigidity

iv) Differentiated products

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