Answer: oligopoly
Step-by-step explanation:
The term that describes a small group of firms that control a particular market for goods, therefore reducing competition is "oligopoly". An oligopoly occurs when a small number of firms dominate a market and are able to influence prices and other market factors. In an oligopoly, there are typically high barriers to entry, which can make it difficult for new firms to compete with the established firms. Examples of oligopolies include the market for soft drinks, where a few large companies dominate the industry, and the market for commercial aircraft, where only a few companies produce the majority of airplanes.