In Listen In week six, we learn about what an oligopoly is. In your own words, please explain what an oligopoly is. Additionally, please provide an example of when a oligopoly may occur. Hint: there is a great example to help you in your textbook; however, you cannot use the example from the textbook in your response to this discussion board. Please think of your own example. Your initial discussion board post is due by Wednesday, Feb. 19th at 11:59 PM EST. This post must be at least 250 words minimum. You must also respond to at least two of your classmates' posts by Friday, Feb. 21 st at \( 11: 59 \) PM EST. Each response must be at least 50 words in length. The use of generative \( A l \) is not permitted on this assignment or the response to peers. Using generative \( A l \) on the discussion is consider academic dishonesty. Rubrics

An oligopoly is a market structure characterized by a small number of firms that dominate the industry, leading to limited competition. In this setting, the actions of one company significantly influence the others, creating a tight-knit relationship among competitors. Firms in an oligopoly often engage in strategic decision-making, such as setting prices or controlling production levels, which can lead to collusion or price-fixing. Examples of industries that typically reflect an oligopoly include telecommunications, where a handful of major providers control the vast majority of the market share, leading to fewer options for consumers and sometimes higher prices. Consider the automotive industry as another example of an oligopoly. In this sector, only a few major players—such as Ford, Toyota, and General Motors—dominate the market, while numerous smaller companies struggle for visibility. Because these major manufacturers hold significant market power, their pricing and production decisions can sway the entire industry, often prompting smaller firms to follow suit to remain competitive. When these large companies introduce new technologies or change their pricing models, the ripple effects can be felt throughout the market, underscoring the interdependence inherent in oligopolistic structures.