Part one of term paper
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, semi-conductor man ...

Part two of term paper
... and output quotas to prevent competition. The larger the cartel, the more likely it will be that each member will increase output and cause the price of a good to be lower. The majority of time an is used describe a world market; however, the term also describes conditions in smaller markets where a few gas stations, grocery stores or alternative restaurants or establishments dominate in their fields. A distinguishing characteristic of an is the interdependence of firms. This means that an ...