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A oligopoly is consisted of very few marketers, which sell a almost identical product. Collusion can commonly occur which results in higher prices. In a oligopoly market is almost always garenteed for the major companies the only variation is in selective preference. It is almost impossible for Small new companies to succeed or make a survivable profit because the products is lead by the few major companies

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Take 5 minutes to revise five key points about the important market structure of oligopoly!

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+there are high profits since there is very little for competition.
+there are very few companies to chose from for good or services.
+easily comparable prices forces the companies to compete with other companies.
-small businesses And people with creative ideas struggle to forge a spot with the large companies.
-because of the limited choices there is very little variation in prices so the term "it's a bargain/a great deal" is very rare.
-companies become very settled with there business because profits are guaranteed.

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Delta is a great example of an oligopoly because they are in airlines business with multiple companies that have very similar products. Delta is an example of a oligopoly because the sellers commonly collude for higher prices for example on Christmas all or most flights costs are raised exponentially.