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- A market in which there are few sellers
- All firms sell products that are either identical or similar
- There are many barriers to enter and exit this market

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- Businesses in oligopolies are more likely to base their behavior on other businesses compared to those in other business structures
- A market is considered oligopolistic if only a few firms account for a large percentage of sales

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- Cartels don't usually last long because there is too much incentive to cheat which is good for consumers. For example, the CEOs of 3 airline might agree to charge a certain price for a certain flight route, but one of them may decide to lower their prices so that they can get more business
- Businesses often base their behavior on one another. If one business lowers the price for something, other businesses will likely follow suit and lower the price for that same good.

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- Firms can get together and fix prices, which impacts consumers negatively. For example, the CEOs of 3 of the biggest airlines might get together and decide that none of them will charge below $900 for a flight to Hawaii.
- It is a very difficult market for businesses to enter

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