Oligopoly
Oligopoly
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Summary of Oligopoly
Literally, a market in which there are only a few sellers of a given product or service. Under oligopolistic conditions, no one seller can establish market prices, except in concert with the other suppliers; if such concerted action develops, the suppliers are operating as a cartel While limited competition may occur among the sellers, a single large supplier may assume a leadership position that the others will follow in establishing prices and terms of sale.
(Main Author: William J. Miller)
Oligopoly and International Trade Economy
In relation to international trade economy, Christopher Mark (1993) provided the following definition of Oligopoly: A domestic or international market structure comprising several firns, each of which is large enough to affect prices but none of which holds an uncontested monopoly position. While limited price competition may occur among sellers in an oligopoly, a single large producer may assume a leadership position in establishing prices or terms of sale that the other firms will tacitly follow. When concerned action or collusion occurs among oligopolistic firms, the association is known as a cartel.
Oligopoly in International Trade
Meaning of Oligopoly, according to the Dictionary of International Trade (Global Negotiator): A situation where a few large and powerful suppliers and manufacturers try to maintain their position by excluding newcomers from a particular market. This situation is not a good for buyers because it limits competition.
Oligopoly
Resources
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See Also
Including similar content viewed by others, in case you missed it:
Conscientious parallelism
Monopoly
Hierarchical Display of Oligopoly
Business And Competition > Competition > Restriction on competition
Oligopoly
Concept of Oligopoly
See the dictionary definition of Oligopoly.
Characteristics of Oligopoly
Resources
Professional Content and Learning Tools
Lawi offers educational solutions and professional insight, integrating content, tools, and practical technology to promote lifelong learning, personal and professional improvement, and human progress through knowledge. Our collections feature resources and solutions from a wide range of subject areas, from management and finance to law and cybersecurity. This text is only a brief introduction. If you would like us to expand on this content, please let us know in the comments. If you’re finding our platform and newsletters valuable, share it with a colleague or friend, leave a comment and consider subscribing if you haven’t already (thanks!). There are group discounts, gift options, and referral bonuses available.
Translation of Oligopoly
Spanish: Oligopolio
French: Oligopole
German: Oligopol
Italian: Oligopolio
Portuguese: Oligopólio
Polish: Oligopol
Thesaurus of Oligopoly
Business And Competition > Competition > Restriction on competition > Oligopoly
See Also
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Duopoly