The word oligopoly drives from the two Greek word Ologoi which means few and poly which means control. It means the control of few men / few persons. Oligopoly is the situation of that market under which there are a few large firms are sell a homogeneous or differeniciated product. Indian Air Lines, Jet Airlines, Sahara Airways are the main examples of oligopoly market situation. Maruti , TATA, Mahendra & Mahendra and Hindustan are also the main examples of the oligopoly market structure. There is a great deal of interdependence among them. All these firms are independent upon the each.
Definition of Oligoply :- According to P.C. Dooley “ Oligopoly is a market situation under which a few sellers and they are recognized mutual dependence”
According to Masnsfield “Oligoply is a market in which a small number of firms and a great deal of interdependence”.
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