Meaning and features of Oligopoly market
Oligopoly.- Oligopoly refers to a market where there are a few large firms in the industry which produce products that are very close substitute of each other.Features of oligopoly.(i) Few sellers – There are three or four (few) sellers.(ii) They produce differentiated products – They produce almost similar products which are differentiated.(iii) There is interdependence among the firm – None of the firms dominate the market in decision making.(iv) There is restriction on the entry of the new firms – There are barriers to entry into the industry including control of resources, legal Hurdles etc.