An oligopoly is a market in which?
Is a market where there is few sellers. Sometimes you hear terms like the "Big Three" of "Big four." Some examples is like oil companies, wireless cellphone companies, automakers, etc
a good has few major suppliers accounting for a large majority of sales
From Wikipedia: "An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists)."
For example, the big three American Auto makers or those big oil companies.
a) you have few buyers few sellers
b) there is great extent of brand loyalty
c) there are strong barriers to entry and exit
d) there is non-price competition
e) you have occurances of formal or informal collusion
f) you have abnormal profits in the short and long run
g) the firm is a price maker
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