oligopoly
Pronunciation
Noun
B2 Upper-intermediate
Quick answer
A market controlled by a small number of large companies rather than many small competitors.
Usage notes
'Oligopoly' is easy to confuse with 'monopoly': a monopoly has a single seller, while an oligopoly has a handful of dominant ones.
Test yourself
Which word fits the gap? "The airline industry in many countries functions as an _____ with just a few major carriers."
Answer: oligopoly
In your own words, what does "oligopoly" mean?
A market controlled by a small number of large companies rather than many small competitors.
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