oligopoly

oligopoly
—oligopolistic /ol'i gop'euh lis"tik/, adj.
/ol'i gop"euh lee/, n.
the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors. Cf. duopoly, monopoly (def. 1).
[1890-95; OLIGO- + (MONO)POLY]

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Market situation in which producers are so few that the actions of each of them have an impact on price and on competitors.

Each producer must consider the effect of a price change on the others. A cut in price by one may lead to an equal reduction by the others, with the result that each firm will retain about the same share of the market as before but with a lower profit margin. Competition in oligopolistic industries thus tends to manifest itself in nonprice forms such as advertising and product differentiation. Oligopolies in the U.S. include the steel, aluminum, and automobile industries. See also cartel, monopoly.

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      market situation in which each of a few producers affects but does not control the market. Each producer must consider the effect of a price change on the actions of the other producers. A cut in price by one may lead to an equal reduction by the others, with the result that each firm will retain approximately the same share of the market as before but at a lower profit margin. Competition in oligopolistic industries tends, therefore, to manifest itself in nonprice forms such as advertising and product differentiation. Characteristic oligopolies in the U.S. are the steel, aluminum, and automobile industries.

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Universalium. 2010.

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