Part 1 of Essay
An describes a market situation in which there are limited or few sellers. Each seller knows that the other seller or sellers will react to its changes in prices and also quantities. This can cause a type of chain reaction in a market situation. In the world market there are oligopolies in steel production, automobiles ....

Part 2 of Essay
.... grocery stores or alternative restaurants or establishments dominate in their fields. A distinguishing characteristic of an is the interdependence of firms. This means that any action on the part of one firm with respect to output, price, or quality will cause a reaction on the side of other firms. Many times an leads to price leadership between many firms. A price leadership is the practice in many oligopolistic industries in which the largest firm publishes its price list ahead of its competitors. Then ....