Question

What is the definition of oligopoly?​

Answer 1

An oligopoly is a market form wherein a market or industry is dominated by a small group of large sellers. Oligopolies can result from various forms of collusion that reduce market competition which then leads to higher prices for consumers and lower wages for the employees of oligopolies.

Answer 2

Its a state of limited competition, in which a market is shared by a small number of producers or sellers.