GENERAL KNOWLEDGE

Detailed explanation-1: -An oligopoly is when a few companies exert significant control over a given market. Together, these companies may control prices by colluding with each other, ultimately providing uncompetitive prices in the market.

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: -Throughout history, there have been oligopolies in many different industries, including steel manufacturing, oil, railroads, tire manufacturing, grocery store chains, and wireless carriers. Other industries with an oligopoly structure are airlines and pharmaceuticals.

Detailed explanation-4: -OLIGOPOLY-is a market structure in which a few large sellers dominate the industry. Interdependent Behavior-collusion, price-fixing Each oligopolist knows that the other firms in the industry have considerable power and influence over consumer choices.

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.