Examlex
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Oligopoly
A market structure characterized by a small number of firms which dominate the market, leading to limited competition and potentially higher prices for consumers.
Price Leadership
A form of oligopoly in which one dominant firm sets prices and all the smaller firms in the industry follow its pricing policy.
OPEC Cartel
An organization of oil-producing countries that coordinates and unifies petroleum policies to secure fair and stable prices for petroleum producers.
Predatory Pricing
A competitive strategy where a firm sets very low prices with the intention of driving competitors out of the market, or to prevent new entries.
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