What are the characteristics of an oligopoly?

Answer 1

There are three main characteristics of oligopoly. They are industry dominated by a small number of large firms, the firms sell identical or similar products, and the industry has significant barriers to enter.

Answer 2

the market for a commodity is dominated by a few firms each of which producing a considerable proportion of the total output of the industry. Oligopoly is of two types:

Pure oligopoly and

differentiated oligopoly.

If the product of the various firms is homogeneous, we call it pure oligopoly. Examples of pure oligopoly are found in such industries as sugar

Answer 3

Few more players

Supernormal profits in the both short & long run

Answer 4

a few large producers