Oligopoly meaning - CA Foundation Notes The phrase oligopoly is made up of two words: oligo means few and polein means to sell. Competition among the few is a well-known definition of oligopoly. This means that there are only a few sellers in this market. In this market, the few vendors impact the behaviour of other enterprises, and each seller is influenced by the behaviour of fellow sellers. The market consists of products that are either homogeneous or differentiated. Example of Oligopoly In India, a few companies (Maruti, Tata, Hyundai, Ford, Honda, and so on) dominate the automobile business. A change made by one company (say, Tata) in one of its vehicles (say, Indica) will cause other companies (say, Maruti, Hyundai, etc.) to make changes in their corresponding models. Features of oligopoly Only a few businesses This market structure contains a small number of significant enterprises. However, the number of firms is not specified. Each company contributes a share of the total out
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