Answer:
Oligopoly is a market where the supply is controlled by a small group of companies. In this condition, the actions of one company will have a material effect on the entiremarket for a product.
Several characteristics of an Oligopoly:
1) Substantial barriers to entry
2) Market dominated by a few large firms
3) Differentiated products
4) Price rigidity
Several characteristics of an Oligopoly:
1) Substantial barriers to entry
2) Market dominated by a few large firms
3) Differentiated products
4) Price rigidity