The best illustration of an oligopoly is the auto industry. A market with an oligopoly is one that lacks competition.
A small number of companies compete in an oligopoly market and are aware of how their pricing and production strategies are interdependent. Because there are only a few number of businesses, each one has a respectable level of market power.
Throughout history, oligopolies have operated in a variety of industries, including those that produce steel, oil, railroads, tires, grocery store chains, and wireless carriers. There are oligopoly structures in the pharmaceutical and aviation industries as well.
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