Oligopoly refers to a market structure dominated by a few large firms. These few firms account for the
whole output of the industry for example banks and newspaper companies. In this market structure, the
number of firms is small enough for each seller to take account of the actions of the other sellers in the
market, that is, if one firm changes its price or non-price strategies its rivals will react. This is referred to
as oligopolistic inter-dependency.
Wilfykil answered the question on February 6, 2019 at 08:28
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