Definition
oligopoly
noun
- a market situation in which a small number of large firms dominate the supply of a product or service
Usage: economics term; countable noun
Examples
- The smartphone market is an oligopoly dominated by a few major manufacturers.
- In an oligopoly, a few large companies control most of the market share.
- The airline industry operates as an oligopoly with several major carriers.
- Oligopolies can lead to higher prices because there is limited competition.
- Tech companies like Apple, Google, and Microsoft operate in an oligopoly.
- Breaking up an oligopoly requires strong antitrust enforcement.