Oligopoly is a state of limited competition.

The root word of oligopoly, oligarch means a very rich business leader with a great deal of political influence. It comes from a Greek combination of words that mean ‘few’ and ‘to rule.’ When a condition in which few people rule has been reached, it can be called an oligopoly. Here’s an example:

Tracy thinks an oligopoly wouldn’t be a bad thing necessarily. Her reasoning is that living in a world of limited competition would be great as long as that competition is between ice cream parlors she likes.