Oligopolistic markets are like a club with a few exclusive members. These few big companies hold most of the market share and can call the shots on pricing and other stuff. Some things you'll notice in an oligopolistic market are: only a handful of big players, these companies keeping an eye on each other's moves, it's tough for newcomers to break in, and products might be similar but have different branding. When it comes to setting prices, it's like a game of chess for companies in an oligopolistic market. They could compete on price and start a price war, or they might choose to focus on things like advertising and making their products stand out. Sometimes, these companies might even team up to fix prices. Another thing they could do is follow the leaderlike when one company sets the price and the others follow suit. It's all about strategy and outsmarting the competition. Figuring out if a company is in an oligopolistic market or a monopolistically competitive market is like detective work. You gotta look at the clues. In an oligopolistic market, there are only a few big players, and they have a lot of influence. It's like when Apple or Samsung changes their phone prices, and the whole industry feels it. But in a monopolistically competitive market, there are lots of smaller companies doing their own thing. Think about your local coffee shop in a city full of coffee shopsthey set their prices, but it doesn't really affect the other shops. Each shop is unique in its own way. Total Yo ur Cost Production Production Per Barrel Your Profit Rou nd 21 $6 $78 $6 $33