An oligopoly is when only one producer exists in a market and can therefore set the price of its products or services.

Name: An oligopoly is when only one producer exists in a market and can therefore set the price of its products or services.
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An oligopoly is a market structure where a few firms dominate the market, not just one. A single producer dominating a market is referred to as a monopoly.

An Oligopoly Is When Only One Producer Exists in a Market