Explore oligopolies, where a few firms dominate a market, influencing prices and outcomes. Learn about characteristics, examples like OPEC, and market implications.

Learn how market power allows firms to influence prices by altering supply or demand, enhance profit margins, and control market barriers. Discover real-world examples.

A monopoly happens when a business dominates an industry or sector and can therefore control price changes and create entry barriers for competitors. It’s often used as shorthand in the eyes of the ...