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.



See Also

  • Conscientious parallelism
  • Monopoly

Hierarchical Display of Oligopoly

Business And Competition > Competition > Restriction on competition


Concept of Oligopoly

See the dictionary definition of Oligopoly.

Characteristics of Oligopoly

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Translation of Oligopoly

Thesaurus of Oligopoly

Business And Competition > Competition > Restriction on competition > Oligopoly

See also

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  • Laboratory analysis
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  • Radiography
  • Radiology
  • Scintigraphy
  • Ultrasound
  • Duopoly