1. Few large firms dominate the market: In an oligopoly, there are only a handful of firms that control a significant portion of the market share. These firms have a strong influence on pricing and competition in the industry.
2. Interdependence among firms: Firms in an oligopoly are interdependent, meaning that the actions of one firm can have a significant impact on the strategies and decisions of other firms in the industry. This can lead to complex dynamics and strategic interactions among competing firms.
Name two characteristics of an oligopoly
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