The definition of oligopoly is that; it is a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies.
Oligopoly is simply defined as a market that is characterized by a small number of firms who realize that they are interdependent in their pricing and output policies.
Now, although the number of firms is small they still wield enough influence to give each firm some level of market power.
There are types of oligopoly such as symmetric where all the firms are of equal size or asymmetric when that is not the case.
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