Oligopoly (noun)

A market condition in which a small number of firms dominate the industry and control prices.

Origin:

Early 20th century, from greek oligos "few" + -poly "many".

Examples:

1. The telecommunications industry is an oligopoly, dominated by a few large companies.
2. The oligopoly of the oil industry led to high prices for consumers.
3. The oligopoly has been criticized for stifling competition and innovation.
4. The government's anti-trust laws were designed to prevent the formation of oligopolies.
5. The oligopoly's market power has allowed it to control prices and limit the entry of new firms.