In the term oligopoly, the prefix "olig-" signifies what?

The term "oligopoly" is derived from the Greek words "olig," meaning "few," and "polein," meaning "to sell." This indicates that an oligopoly is a market structure dominated by a small number of firms. In an oligopoly, these few firms hold significant market power, leading to a situation where they can influence prices, production, and competition within the industry.

The prefix "olig-" emphasizes the limited number of participants in the market, which is essential for understanding how oligopolistic markets operate. The characteristics that distinguish oligopolies from other market structures, like perfect competition or monopolies, stem from the strategic interactions between these few firms. This is why recognizing that "olig-" signifies "few" is crucial for grasping the dynamics of competition and pricing within oligopolistic markets.