Identify and describe a real world example of an oligopoly. What characteristics of this market fit the definition of an oligopoly?

The telecommunications sector is a real-world example of oligopoly. This market consists of a few large corporations such as AT&T, Verizon, and T-Mobile who are able to maintain control over prices and production due to their sheer size and power in the marketplace. These companies have also high entry barriers, which keep out small competitors. This helps to maintain their dominance.

This fits with an oligopoly, which is defined by the definition as a structure of fewer firms who have a significant amount of control over the pricing of products and services within a given sector. This is not to say that all oligopolies must be held by three firms or less. Instead, they can include any two or even more companies that are able to exert enough control over the industry that a single firm cannot succeed without considering how its actions will affect the competition in the future.