ISM Exam INTE Topic 1 Question 21 Discussion

An oligopoly is a market structure where a few sellers dominate the market and many buyers ex-ist. In such a market, prices and output levels are often controlled by the leading firms or through collusion, such as forming a cartel. These firms hold significant market power, which allows them to influence prices and other market factors. Oligopolies are common in industries where high en-try barriers exist, such as telecommunications, airlines, and oil and gas. Reference:

* Perloff, J. M. (2016). Microeconomics: Theory and Applications with Calculus. Pearson.

* Mankiw, N. G. (2014). Principles of Microeconomics. Cengage Learning.