1 DEFINITION AND FEATURES OF OLIGOPOLY Oligopoly describes a market structure where just a few firms between them control a large proportion of the industry. It is probably the most dominant market structure in the uk today. Most oligopolists produce differentiated products and much of the competition between them is in the marketing of their particular brands. The greater the product differentiation, the greater the scope to be a price-maker rather than a price-taker1 DEFINITION AND FEATURES OF OLIGOPOLY Oligopoly describes a market structure where just a few firms between them control a large proportion of the industry. It is probably the most dominant market structure in the UK today. Most oligopolists produce differentiated products and much of the competition between them is in the marketing of their particular brands. The greater the product differentiation, the greater the scope to be a price-maker rather than a price-taker