The word Oligopoly is derived from a Greek word and its meaning is "few (entities with the right) sell". It is a form of market in which there are few numbers of sellers which are dominated in the industry. As there are few sellers therefore, each seller is active and the decision of one firm can influence the decisions of others. Example of oligopoly is the four supermarket firms in United Kingdom which shares 74.4% of UK markets. In USA, oil, beer, military equipment, aircrafts, tobacco and motor vehicles are the examples of oligopoly markets.
Oligopoly is a market situation in which there are few sellers .Each sellers 'decision depends on the estimation of the reaction of other seller means there is a complete interdependencamong the sellers.
Can you please help me to make understand the concept of oligopoly .very difficult concept it is....please help me...
Oligopoly is when there are many sellers who dominate a market
It is a market in which there are few sellers selling products which are very close substitutes