In oligopoly, a small number of firms compete with each other and each firm has significant price-making ability.

Name: In oligopoly, a small number of firms compete with each other and each firm has significant price-making ability.
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In an oligopoly, the market is dominated by a few firms, each of which has the power to influence market prices because their individual actions can significantly impact the market's total output.

In Oligopoly, a Small Number of Firms Compete with Each