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What is an oligopoly?

What is an oligopoly? Here are some definitions.

Noun
  1. An economic condition in which a small number of sellers exert control over the market of a commodity.
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In both nations, the backbone service market is an oligopoly with dominant incumbents, so we rate them even.
In view of this market structure, the creation of a dominant position or a dominant oligopoly can be ruled out.
An oligopoly market is dominated by a small number of sellers who provide a large share of the total market output.
Within the assessment of the oligopoly, the point is whether growth of the market will provide an incentive to compete.
In the OECD, and particularly Canada, food markets are characterized by high degrees of oligopoly and oligopsomy.
These heavy requirements are not so grave to create oligopoly or monopoly, though.

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