Oligopoly: meaning, definitions and examples

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oligopoly

 

[ หŒษ’lษชหˆษกษ’pษ™li ]

Noun
Context #1 | Noun

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:

๐Ÿ‡ต๐Ÿ‡น oligopรณlio

๐Ÿ‡ฎ๐Ÿ‡ณ เค“เคฒเคฟเค—เฅ‹เคชเฅ‰เคฒเฅ€

๐Ÿ‡ฉ๐Ÿ‡ช Oligopol

๐Ÿ‡ฎ๐Ÿ‡ฉ oligopoli

๐Ÿ‡บ๐Ÿ‡ฆ ะพะปั–ะณะฐั€ั…ั–ั

๐Ÿ‡ต๐Ÿ‡ฑ oligopol

๐Ÿ‡ฏ๐Ÿ‡ต ๅฏกๅ 

๐Ÿ‡ซ๐Ÿ‡ท oligopole

๐Ÿ‡ช๐Ÿ‡ธ oligopolio

๐Ÿ‡น๐Ÿ‡ท oligopol

๐Ÿ‡ฐ๐Ÿ‡ท ๊ณผ์ 

๐Ÿ‡ธ๐Ÿ‡ฆ ุงุญุชูƒุงุฑ

๐Ÿ‡จ๐Ÿ‡ฟ oligopol

๐Ÿ‡ธ๐Ÿ‡ฐ oligopol

๐Ÿ‡จ๐Ÿ‡ณ ๅฏกๅคดๅž„ๆ–ญ

๐Ÿ‡ธ๐Ÿ‡ฎ oligopol

๐Ÿ‡ฎ๐Ÿ‡ธ รณlรญgapรณl

๐Ÿ‡ฐ๐Ÿ‡ฟ ะพะปะธะณะพะฟะพะปะธั

๐Ÿ‡ฌ๐Ÿ‡ช แƒแƒšแƒ˜แƒ’แƒแƒžแƒแƒšแƒ˜แƒ

๐Ÿ‡ฆ๐Ÿ‡ฟ oligopol

๐Ÿ‡ฒ๐Ÿ‡ฝ 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.