The two conflicting tendencies that a firm has in an oligopolistic industry are the incentive to cooperate to maximize joint profits and the incentive to cheat on the agreement in order to increase the firm"s share of the profit.
An oligopoly refers to a market structure made up of a small number of companies that collectively have significant influence in a particular industry or market. The group has significant market power, but none of the companies within the group has enough clout to undermine the others or steal market share. ' this comes from the Greek oligos, which means 'small or small', and pole in means 'to sell'.
When oligos is used in the plural, it means "less". The word oligopoly is used to describe a market segment with few competitors. An example of an oligopoly automobile industry.
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