Oligarchy + Monopoly ≠Oligopoly

Oligarchy + Monopoly ≠  Oligopoly Oligarchy + Monopoly ≠  Oligopoly Oligarchy + Monopoly ≠  Oligopoly By Maeve Maddox Ive long been aware of the words oligarchy and monopoly, but Ive only just discovered the word oligopoly. The word oligarchy describes a type of government: government by the few. from oligoi few, small, little plus arkhein to rule. The word monopoly describes a type of market paradigm: exclusive control of a commodity or trade, from monos single, alone + polein to sell. The word oligopoly, like monopoly, is a term used in economics: oligopoly [(Ã… lÄ ­-gÃ… pÉ™-lÄ“] a market situation in which each of a limited number of producers is strong enough to influence the market but not strong enough to disregard the reaction of his competitors Here it is in some headlines: Nonlinear pricing in an oligopoly market: the case of specialty coffeeRAND Journal of Economics Market Economy or Oligopoly-Finance Capitalism? Monthly Review, Senegal, Africa An oligopoly model of commercial fishingSeoul Journal of Economics Oracle president backpedals on oligopoly report CNET News Theres also a word for a market situation in which two competing sellers hold the controlling power of determining the amount and price of a product or service offered to a large number of buyers: duopoly. Monopoly, duopoly and oligopoly, which refer to the control exercised by sellers, have these corresponding forms to describe the role of buyers: monopsony a market situation in which there is a single buyer for a given product or service from a large number of sellers duopsony a market situation in which two rival buyers hold the controlling power of determining the demand for a product or service from a large number of sellers oligopsony a market situation in which each of a limited number of buyers is strong enough to influence the market but not strong enough to ignore the reaction to such influence by his competitors The suffix opsony in these words derives from Greek opsonia, purchase of victuals, catering. I dont know where youll find a use for these words, but I think theyre cool. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:70 "Home" Idioms and Expressions20 Words Meaning "Being or Existing in the Past"Passed vs Past