Oligopoly: meaning, definitions and examples
๐
oligopoly
[ หษlษชหษกษpษli ]
market structure
An oligopoly is a market structure characterized by a small number of firms that have significant control over market prices. Due to this limited number of competitors, each firm must consider the potential reactions of its rivals when making pricing and production decisions. Oligopolies can lead to reduced competition and higher prices for consumers compared to more competitive markets. There are various models to analyze oligopolistic behavior, including the Cournot and Bertrand models, which describe different approaches to output and pricing strategies.
Synonyms
duopoly, limited competition, monopolistic competition
Examples of usage
- The airline industry is often cited as an example of an oligopoly.
- In an oligopoly, companies may engage in collusion to set prices.
- Telecommunications markets in many countries operate as oligopolies.
- The car manufacturing sector is dominated by a few oligopolistic firms.
Translations
Translations of the word "oligopoly" in other languages:
๐ต๐น oligopรณlio
๐ฎ๐ณ เคเคฒเคฟเคเฅเคชเฅเคฒเฅ
๐ฉ๐ช Oligopol
๐ฎ๐ฉ oligopoli
๐บ๐ฆ ะพะปัะณะฐัั ัั
๐ต๐ฑ oligopol
๐ฏ๐ต ๅฏกๅ
๐ซ๐ท oligopole
๐ช๐ธ oligopolio
๐น๐ท oligopol
๐ฐ๐ท ๊ณผ์
๐ธ๐ฆ ุงุญุชูุงุฑ
๐จ๐ฟ oligopol
๐ธ๐ฐ oligopol
๐จ๐ณ ๅฏกๅคดๅๆญ
๐ธ๐ฎ oligopol
๐ฎ๐ธ รณlรญgapรณl
๐ฐ๐ฟ ะพะปะธะณะพะฟะพะปะธั
๐ฌ๐ช แแแแแแแแแแ
๐ฆ๐ฟ oligopol
๐ฒ๐ฝ oligopolio
Etymology
The term 'oligopoly' combines the Greek words 'oligos,' meaning 'few,' and 'polein,' meaning 'to sell.' It first gained prominence in the economic discourse during the early 20th century as scholars began to examine various market structures beyond the classical models of perfect competition and monopoly. The evolution of industrial economies led to increasing concentrations of market power within a small number of firms, spurring interest in the behaviors and pricing strategies of these entities. The study of oligopoly has since become a distinct area in economic theory, integrated into discussions of market regulation, antitrust laws, and economic efficiency. An oligopoly can manifest in various industries, and its implications have profound effects on market dynamics, consumer choices, and economic policy.
Word Frequency Rank
At rank #26,677, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.
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- 26674 clanging
- 26675 championing
- 26676 heeding
- 26677 oligopoly
- 26678 easternmost
- 26679 intestacy
- 26680 tiff
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