An oligopoly is a market with:

**The reasoning** An **oligopoly** comes from Greek: "oligo" = few, "poly" = sellers. It's a market structure where a **small number of large firms dominate** the industry. Think of Nigeria's telecommunications sector — MTN, Airtel, Glo, and 9mobile control almost the entire market. These few firms have significant market power, and each one's decisions affect the others. Key characteristics: - Few dominant sellers (typically 2-10 firms) - High barriers to entry (requires massive capital) - Products may be similar or differentiated - Firms are interdependent (watching each other's moves) **Why the wrong options tempt you** **A) 1 firm** — That's a **monopoly** (like old NEPA/PHCN before privatization). "Mono" = one. **C) Many firms** — That's **perfect competition** (like tomato sellers in Oshodi market — countless small sellers). **D) 0 firms** — That's nonsensical — no market exists! Students confuse these because they don't know the Greek roots. **Quick takeaway** Remember: **Oligo = Few, Mono = One, Many = Competition**. Nigerian telecoms, cement (Dangote, BUA, Lafarge), and banking are classic oligopolies!