What is an industry dominated by just a few firms?

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Quizplus · Accepted Answer

An oligopoly is an industry dominated by a few large firms, which can potentially control the market and manipulate prices. This is different from a monopoly, which is a market controlled by one firm, and from perfectly competitive and monopolistically competitive markets, where there are many firms and no one firm has control over prices. Monopsony refers to a market with only one buyer, and is the opposite of monopoly.

What Is an Industry Dominated by Just a Few Firms