This refers to there only being a small number of suppliers available to provide a specific good or service to customers.
Examples of oligopolies include supermarket chains, petrol companies and motor vehicle manufacturers. Oligopolies share many of the disadvantages of monopolies; limited consumer choice or influence and limited supplier motivation for resource efficiency, however there can be price and brand differentiation within an oligopoly which provides limited consumer choice.
Oligopoly is a term normally found in business economics and financial management.
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