An oligopole is a market structure in which a small number of large firms dominate the industry, often resulting in limited competition and high barriers to entry for new companies. These firms have significant control over the market, allowing them to influence prices and dictate the supply and demand of goods or services. Oligopoles can lead to higher prices for consumers and can stifle innovation and diversity within the market. This term is derived from the Greek words ‘oligos’, meaning few, and ‘polein’, meaning to sell.