The competition which exists in markets with few firms parading similar products such that the existing firms possess the strength to influence and affect the market could called oligopoly.
Oligopolistic competition can be characterized by the following ;
- The number of firms in these markets are considerably small but very large. They could be described as being larger than the market.
- Despite the fact that the firms in these market are few, small startups would find it very difficult to thrive under oligopolistic competition as they would require very large capital outlay.
- The firms are often interdependent, with prices of goods produced by the firms being very similar in other to avoid having low market share.
Therefore, the kind of competition which exists in keegan's region is Oligopoly.
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