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  1. The number of sellers in an oligopoly market is small—when there are two or more than two, but not many sellers.
  2. What matters is that these few sellers account for most of the industry’s sales.
  3. These “few” sellers consciously dominate the industry and indulge in intense competition. Each firm is aware of that it possesses a large degree of monopoly power.
  4. For example, the market for mobile service provider in India is an oligopolist structure as there are only few producers of mobile service provider. There exists severe competition among different firms and each firm tries to manipulate both prices and volume of production to outsmart each other.
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