Changes

An '''oligopoly''' is a seller's [[market]] having only a few sellers, who enjoy [[Barrier to entry|barriers to entry]] against new [[competitor]]s.  An oligopoly lacks full [[competition]] and [[consumer]]s suffer as a result.

An '''oligopoly''' is a seller's [[market]] having only a few sellers, who enjoy [[Barrier to entry|[[barriers]] to entry]] against new [[competitor]]s.  An oligopoly lacks full [[competition]] and [[consumer]]s suffer as a result.

Described another way, an oligopoly is an [[industry]] or market dominated by a only few firms selling a similar (undifferentiated) product.  This is called a "perfect oligopoly."  The few firms can behave in a harmful manner similar to how a [[monopoly]] behaves in overcharging customers or otherwise suppressing beneficial competition.

Described another way, an oligopoly is an [[industry]] or market dominated by a only few firms selling a similar (undifferentiated) product.  This is called a "perfect oligopoly."  The few firms can behave in a harmful manner similar to how a [[monopoly]] behaves in overcharging customers or otherwise suppressing beneficial competition.