Oligopoly comes from the Greek word meaning few sellers.
Big business is an example of oligopoly. It is a market dominated by few sellers. These are industries like steel, automobiles, oil, and breakfast cereals.
Because there are few firms, each firm must consider how their policies are going to effect their competitor's behavior.
In some oligopolist industries there is a homogeneous product. Ex. Steel, Oil, etc.
In others, the product is differentiated across producers. Ex. Automobiles, tobacco.
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