Oligopoly Definition

Oligopoly Definition:: A market condition that results when there are but a few sellers

Related Terms: Monopoly, Cartel, Monopsony

In Liggett Group v Brown Wiloamson Tobacco, Justice Niemeyer of the United States Court of Appeals wrote, at Footnote #2:

"Whereas a monopoly is the control of a market by one seller, an oligopoly is a market condition that results when there are but a few sellers."

REFERENCES:

Liggett Group v. Brown & Williamson Tobacco, 964 F. 2d 335 (1992)

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What the lawyers of our day most need, while descending from the clear heights of legal principle to the vale below on a fast-whirling avalanche of decisions, is to be made cognizant, before it is too late, of the law of the motion of the avalanche: in order to strike uppermost when it breaks, instead of being crushed and ground to powder beneath. Unhappily, most do not perceive, at present, that the avalanche is ever to break, or ever to stop, or ever to turn. If Scripture might be quoted in a law-book, the author would say: He that hath an ear to hear, let him hear. This hint is meant to be read only by those who have ears. J. P. Bishop, Commentaries on the Law of Criminal Procedure, s. 413

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Oligopoly Definition:

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