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OpenStudy (anonymous):
What exists when a few firms dominate a particular industry
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OpenStudy (solomonzelman):
oligopoly
OpenStudy (anonymous):
In an industry where there are only a few firm sis an OLIGOPOLY. And each oligopolist has considerable influence on the market. Some examples of these types of firms may be Oil companies, Air lines, Vehicle assembly plants. Generally an Oligopoly is a market structure in which a small number of firms produce the entire output of a particular commodity or service.
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