A situation in which a particular market is controlled by a small group of firms.
An oligopoly is much like a monopoly, in which only one company exerts control over most of a market. In an oligopoly, there are at least two firms controlling the market.
The retail gas market is a good example of an oligopoly because a small number of firms control a large majority of the market.
Read more: Oligopoly Definition | Investopedia http://www.investopedia.com/terms/o/oligopoly.asp#ixzz3n0XCglKV
Follow us: Investopedia on Facebook