Question

What oligopoly market

Answer 1

[AI-generated answer — Bot GPT 3.5]

An oligopoly market is a market structure in which a few large firms dominate the industry. These firms have significant market power and can influence prices and output levels. Examples of industries that are often considered oligopolies include the auto industry, telecommunications, and the airline industry. In an oligopoly market, firms often engage in strategic behavior such as price-fixing or collusion to maintain their market power.