Oligopoly is common in Western economies today.
Economic theory is not as successful at predicting the market trends in an oligopoly as it is under the extremes of monopoly and perfect competition , because the action of each firm in an oligopoly affects the policies of the others. The Macmillan Encyclopedia 2001 2. monopoly Oxford Paperback Encyclopedia 3. Monopoly Bloomsbury Guide to Human Thought 4. Monopoly The Penguin Business Dictionary 5. All rights reserved.