Oligopoly

n. scarceness of merchants, partial monopoly over market prices

An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). The word is derived from the Greek for few sellers. Because there are few participants in this type of market, each oligopolist is aware of the actions of the others. The decisions of one firm influence, and are influenced by the decisions of other firms. Strategic planning by oligopolists always involves taking into account the likely responses of the other market participants. This causes oligopolistic markets and industries to be at the highest risk for collusion.
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Noun
1. (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
(hypernym) market, marketplace
(classification) economics, economic science, political economy

A market characterized by a small number of producers who often act together to control the supply of a particular good and its market price.