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Line 1: − 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. − − An imperfect oligopoly consists of a few firms in an industry or market, but their product is differentiated, as in the car industry. − − An example of an oligopoly is the market for [[Auto insurance|car]] or [[health insurance]] in most states. − − [[category:economics]]
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