Oligopoly

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  • A few firms dominating an industry and competing against each other for the market share. Oligopoly is a Greek word meaning, in approximate translation, “few sellers.” Oligopoly is generally described as competition among a few firms in the same industry. In the United States, three or four firms dominate some industries. For example, for more than a century the automobile industry was dominated by three American car companies. In addition, many other industries, such as oil, gas, steel, food, and beverages, are oligopolistic in nature. Firms operating in an oligopolistic market react when one firm cuts its prices for an identical good. In addition, they react to changes in quality and other technological improvements and improvement in the safety of products. An oligopolist strategy is ...

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