GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -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.

Detailed explanation-3: -Although only a few firms dominate, it is possible that many small firms may also operate in the market. Some examples of oligopolies include the car industry, petrol retail, pharmaceutical industry, coffee shop retail, and airlines. In each of these industries, a few large companies dominate.

Detailed explanation-4: -Oligopoly is a market situation in which there are few firms dominating in the market. The market is highly concentrated. Few firms are grouped in certain numbers. Hence, oligopoly of market is also known as competition among the few.

Detailed explanation-5: -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.