An oligopoly is a market dominated by a small number of firms whose actions directly affect one anothers profits, making the fates of oligopoly firms interdependent.
Michael Porters Five Forces model provides a powerful synthesis for describing the structures of different industries and guiding competitive strategies. It examines the relationship between internal rivalry, degree of entry, supplier and buyer power, and the availability of substitutes and complements.
Explain the Five Forces Framework using a real-world example.
