Name two characteristics of an oligopoly
1. Few large firms dominate the market: In an oligopoly, there are only a handful of firms that control a significant portion of the market share. These firms have a strong influence on pricing and competition in the industry.
2. Interdependence among firms: Firms in an oligopoly are interdependent, meaning that the actions of one firm can have a significant impact on the strategies and decisions of other firms in the industry. This can lead to complex dynamics and strategic interactions among competing firms.