An oligopoly exists when a firm offers a product that has no close substitutes, making the firm the sole source of supply.

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An oligopoly exists when a market is dominated by a small number of large firms, each of which is able to influence prices and control a significant portion of the market. While firms in an oligopoly may have a degree of market power, they do not necessarily offer a product that has no close substitutes.

An Oligopoly Exists When a Firm Offers a Product That