How Do You Spell OLIGOPOLISTIC?

Pronunciation: [ˌɒlɪɡˈɒpəlˈɪstɪk] (IPA)

The spelling of the word "oligopolistic" can be quite tricky, but understanding its phonetic transcription can help. The word is pronounced /ˌɑːlɪɡəpəˈlɪstɪk/, with emphasis on the second syllable. The "g" in the first syllable is silent and the "o" in the second syllable is pronounced as "oh." The "is" in the final syllable is pronounced as "ihz." Overall, the IPA phonetic transcription helps to accurately spell and pronounce this complex word. Oligopolistic refers to a market structure dominated by a small number of large firms.

OLIGOPOLISTIC Meaning and Definition

1. Oligopolistic is an adjective that describes a market structure characterized by a small number of dominant firms or businesses that control a significant portion of the market. In an oligopolistic market, there are typically only a few large companies that possess substantial market power, allowing them to influence prices and have a significant impact on the overall market conditions.

   A distinguishing feature of oligopolistic markets is the interdependence among the firms operating within it. Due to the limited number of players, the actions and decisions of one firm can have direct implications for the others, leading to strategic interactions and intense competition. This interdependence often results in a delicate balance between cooperation and competition, where firms may engage in collusion or tacit agreements to maintain prices, limit competition, or allocate market shares.

   Oligopolistic markets are known for their barriers to entry, which prevent new competitors from easily entering the market and gaining a significant share. Such barriers can include economies of scale, high startup costs, complex regulations, or strong brand loyalty. The relatively small number of firms may also lead to increased price rigidity, as each competitor must monitor the actions of others to prevent price wars and maintain market stability.

   Examples of oligopolistic industries include telecommunications, technology, automobile manufacturing, and oil production. Oligopolistic markets can have both positive and negative impacts on consumers, as the limited competition can result in decreased choice and potentially higher prices, but can also drive innovation and efficiency as firms strive to differentiate themselves and gain a competitive edge.

Common Misspellings for OLIGOPOLISTIC

• oligopolistica

Etymology of OLIGOPOLISTIC

The word "oligopolistic" is derived from two roots: "oligopoly" and the suffix "-istic".

1. Oligopoly: Oligopoly is a combination of two Greek words, "oligoi" meaning "few" and "polein" meaning "to sell". It was first used in the late 19th century to describe a market structure where only a few firms dominate the industry.

2. -istic: The suffix "-istic" in English is often used to form adjectives indicating a characteristic or quality related to the base word. In this case, it is utilized to create an adjective form of "oligopoly".

When these two elements are combined, "oligopolistic" is formed, referring to a characteristic or quality associated with the economic structure of an oligopoly.