You may have heard about the term ‘Monopoly’. It is a term used to describe an industry where only one company dominates and calls the shots. But what do we call an industry where a handful of companies dominate, and each has a large market share? We call that an oligopoly. What Is an Oligopoly?

competition and market structure

Competition and Market Structure

Competition is one thing and one action that everybody has participated in at some point in their lives. Whether it be a small school debate or a school game. In economics, competition is also similar; businesses selling similar products or services are striving to survive and one comes out on top in the market. In