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- An oligopoly is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market1. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries1. Oligopoly occurs when multiple companies in a specific industry become so influential that it discourages the creation of new firms2. The oligopolists have power as a group but cannot do enough on their own to shift the balance of power within the oligopoly2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.An oligopoly (from Ancient Greek ὀλίγος (olígos) 'few', and πωλέω (pōléō) 'to sell') is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries.en.wikipedia.org/wiki/OligopolyAn oligopoly occurs when multiple companies, businesses, or firms in a specific industry become so influential that it discourages the creation of new firms. The oligopolists have power as a group but cannot do enough on their own to shift the balance of power within the oligopoly.www.masterclass.com/articles/oligopoly-definition
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