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An oligopoly is a market structure dominated by a small number of large firms that hold a significant share of total market output. Oligopoly is arguably the most important market structure to study at A-Level because it describes many real-world industries — from supermarkets and mobile networks to banking and petrol retailing. The defining feature of oligopoly is interdependence: each firm's decisions are influenced by, and influence, the behaviour of its rivals.
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