What is Oligopoly? | From A Business Professor

Hello everyone, welcome to Business School 1o1. In the market for smartphone operating systems, Apple's iOS and Google's Android jointly account for more than 90% of the market share. Similarly, in the realm of large commercial aircraft, Boeing and Airbus dominate the skies. These two scenarios are prime examples of an oligopoly, where a small number of dominant firms control market dynamics, pricing power, and competitive forces. So what is its definition and what are its characteristics? Are there any real-world examples? What are its influences on the market and consumers? In this video, I will discuss these questions with you.