What term refers to a market structure where a few dominant sellers serve a large number of buyers, resulting in high competitor price interdependence?

Explanation

* Oligopoly is characterized by a small number of large firms dominating the market (e.g., airlines, telecom, automobiles).
* Because firms are large, any price or promotional change directly triggers competitive responses from rivals.
* Pricing strategy in oligopolies relies heavily on game theory and price leadership.