Oligopoly is an imperfect, few firms market structure where a small number of dominant companies make strategic decisions based on competitors' actions.
Oligopoly is a type of imperfect, few firms market characterized by a small number of dominant firms with high barriers to entry. These firms make strategic decisions on prices, quantities, and advertising based on the actions of competitors in the market. Examples of oligopoly include industries like commercial aircraft, where Boeing and Airbus are major players, and the soft drink industry dominated by Coca-Cola and Pepsi.
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