BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An oligopoly refers to a market structure that consists of a small number of firms, who together have substantial influence over a certain industry or market. While the group holds a great deal of market power, no one company within the group has enough sway to undermine the others or steal market share.

Detailed explanation-2: -Oligopoly markets are markets dominated by a small number of suppliers. They can be found in all countries and across a broad range of sectors. Some oligopoly markets are competitive, while others are significantly less so, or can at least appear that way.

Detailed explanation-3: -Hence, in oligopoly, when the industry is dominated by one large firm which is considered as leader of the group. This is called partial oligopoly.

Detailed explanation-4: -An oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence.

Detailed explanation-5: -A duopoly exists when two companies dominate a market for a given product or service. A duopoly can have the same impact on the market as a monopoly if the two players collude on prices or output.