oligopoly

(noun)

an economic condition in which a small number of sellers exert control over the market of a commodity

Related Terms

Examples of oligopoly in the following topics:

  • Credit Unions

    • Credit unions increase competition (big banks tend to be oligopolies, while credit unions are intrinsically smaller in scale, thus high in quantity)

  • Complications of Globalization

    • Monopolies and oligopolies on an global level are powerful and difficult to regulate, allowing for unfair practices and the pushing out of local businesses.

  • Long-Term Relationships: Satisfaction and Loyalty

    • For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry that is an oligopoly, where only a few suppliers of a certain product or service exist.