An oligopoly is a market for a good or service that

Oligopoly is a market structure for a good or service with a small number of firms or companies where none of the firms can keep the others from having great influence on the market. A monopoly signifies one firm, duopoly means two firms and oligopoly is two or more firms. Oligopoly does not have an exact number of firms especially when it comes to its maximum but the amount must be very low for the actions of one firm, greatly influencing the rest. Oligopoly also means when a small number of firms tactically decide to restrict output and fix prices to achieve normal market returns. Oligopoly is maintained and formed or dissolved through economic, legal, the technological factors. One major disadvantage of oligopoly is the situation of being caged that each member faces. This results in cheating amongst members. Government policy can either boost or lower oligopolistic behaviour and firms in mixed economies seek government opinion for ways to restrict competition.