What exactly is an “Oligopoly” anyways?

An “Oligopoly” is defined as: “a state of limited competition, in which a product or market is controlled by a small number of producers and/or sellers, each of whom is able to influence prices and thus directly affect the position of competitors.

In other words, an “Oligopoly” allows a few select companies to completely control the Production and/or Sale of a product.

An “Oligopoly” is very similar to a “Monopoly,” except that rather than one company controlling the market, two or more companies control the market.