When in a market, there arc only a few sellers of a product, it is called The basic characteristic of an oligopolistic situation is the fact that every seller can exercise an important influence on the price output policies of his rivals. This is due to the fact that the number of sellers is not very large and each seller controls a substantial portion of the supply. Every seller, therefore, is so influential that his rivals cannot ignore the likely adverse effect on them of a given change in the price-output policy of any single manufacturer. This rival consciousness, or the recognition on the part of the seller of the fact of interdependence, is the most important feature of oligopolistic situations. Oligopoly differs from 11101101 ily and monopolistic competition in this that, in monopoly, there is a single seller; in monopolistic compcon. there is quite large number of them; but in oligO. there is only a small number of sellers.
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