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Oligopoly

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Definition of 'Oligopoly'

A situation in which a particular market is controlled by a small group of firms.

An oligopoly is much like a monopoly, in which only one company exerts control over most of a market. In an oligopoly, there are at least two firms controlling the market.
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Investopedia explains 'Oligopoly'

The retail gas market is a good example of an oligopoly because a small number of firms control a large majority of the market.

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