Oligopolistic

Part of speech: adjective

Pronunciation: /ˌɒlɪˌɡɒpəˈlɪstɪk/

Definitions

1. Describing a market situation in which a small group of firms have substantial control over prices and production levels
2. Pertaining to an economic structure where competition is limited due to the presence of a few key players influencing the market
3. Characterizing a market dominated by a limited number of firms that collectively exert significant influence over pricing and output decisions

Etymology: Oligopolistic is a plain, technical coinage built from "oligopoly" and the suffix "-istic." The first part comes from Greek roots: "oligos" meaning "few" and "polein" meaning "to sell," so an oligopoly is a market where only a few sellers hold sway. Economists needed a term for this situation, which falls between a single dominant seller and many competing ones, and "oligopoly" was formed on that Greek pattern to name it. The ending does most of the grammatical work. The suffix "-istic" is a compound of "-ist," a noun-forming ending meaning one who practises or is associated with something, and "-ic," an adjective-forming ending meaning "having the nature of" or "relating to." Together they turn the noun "oligopoly" into an adjective meaning "relating to or characteristic of an oligopoly." The same pattern produces many other economic and scientific adjectives, such as "capitalistic" and "socialistic."