An oligopoly is a market structure where a few large businesses dominate the entire market

Modern examples of oligopolies include the airline industry

An oligopoly is a market structure dominated by a few key suppliers. In the US, as of 2021, just four airlines (Delta, United, Southwest, and American) controlled nearly two-thirds of all domestic flights, making the US airline industry one example of an oligopoly.

An overview of monopolies, when one company controls an entire market

In the business world, a monopoly exists when one company controls the entire market. Regulators take issue with monopolies because they have been found to limit consumer choices, raise prices, and hurt competition.

Monopolies are considered the most extreme form of imperfect competition

True monopolistic companies face no competition, meaning there aren't any near substitutes for the goods or services the company provides. Often, no competition exists because the monopoly is either approved by the government or the barrier to entry is costly.

Market concentration and high markups don't always signal a monopoly

When regulators and economists evaluate whether a company constitutes an illegal monopoly, they often consider its overall market share or its relatively high price markups. This piece argues that the Olley-Pakes decomposition is a better measure, identifying whether customers within a market are switching to more productive companies.

A 'bilateral monopoly' occurs when there's one supplier and one buyer in a market

Bilateral monopolies are often used to conceptualize labor markets in small towns. Using this concept, large employers have a monopoly over the labor market, while workers have a monopsony as the only available laborers.

Learn more about the four main market structures

In modern economic theory, there are four main market structures. Under each market structure, firms (or businesses) have differing levels of competition and reach different levels of price efficiency based on the consumer's willingness to pay for a product or service.

Utility companies are often considered 'natural' monopolies

Natural monopolies occur in industries where the upfront costs of entering the market are high, making competition unrealistic. Investor-owned power companies, like Duke Energy, often have natural monopolies, as building alternative power grids and transmission lines is too expensive and impractical for competitors.

Network effects are the economic term for a good or service's popularity

When goods or services become especially popular, firms that provide that good or service become dominant in the market—which can ultimately lead to a monopoly.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

Read about different levels of price discrimination

Price discrimination is a business practice in which different customers are charged different prices for the same product or service. It's one way for a business to boost profits and take advantage of its market position. There are three levels of price discrimination, differentiated by the consumers targeted and the reasons for discrimination.

OPEC often intervenes to influence the price of oil

This guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price.

Nearly 3 million people fly in and out of US airports every day

However, not all of those passengers generate revenue for the airlines they purchase their tickets from. One business class traveler typically pays for five to six economy travelers. That's partly because airlines measure profit by the square foot, and although a business class seat is usually roughly 30% roomier than economy seats, the business class traveler usually pays about three times as much as someone sitting in economy.

Billionaires are racing to space to control future markets

Although different companies have described focuses ranging from luxury tourism to Martian space colonies, all are building infrastructure to capitalize on the shift away from government-only control and betting big on reusability and scale. By securing public contracts and subsidies, they aim to develop strategic partnerships toward dominance in low Earth orbit.

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

Wealthy, 'chaebol' families rule South Korea's economy

A handful of huge family-run conglomerates, or chaebol, are the engines of South Korea’s economy, with Samsung alone representing 20% of the country’s GDP. This gives the chaebol (literally “wealth group”) outsized power, often leading to corruption, labor violations, and anticompetitive practices. One economist interviewed in this Vice documentary says the chaebol have replaced Korean democracy with corporatocracy.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

How chaos helps explain why small market corrections can produce major economic instability

Oxford University complex systems professor Doyne Farmer discusses how predictions from many economic models are overly weighted toward simple relationships, such as supply and demand, and external shocks, such as the COVID-19 pandemic. However, real-world macroeconomic systems involve public and private actors interacting, producing feedback loops and cascading effects that resemble the oscillatory behavior seen in chaotic systems.

Opera faces many economic problems today

Opera is a notably expensive art form, and therefore currently struggling to survive economically. Pandemic losses, reduced government funding, and dwindling ticket sales all pose a threat to its continuation. According to a recent survey, about half of the UK wouldn't feel impacted if all opera houses were shut down.

Coca-Cola operates under an asset-light, divided structure

The "company" manages the brand itself, as well as its secret formula and syrup production. The capital-intensive "system" of independent bottlers, on the other hand, handles manufacturing and distribution.

The S&P 500 is composed of 500 companies, but has more than 500 total listings

Since some large companies have dual-class stock structures (like Alphabet and Fox Corporation), there are multiple listings on the S&P 500 for the same company. S&P Global has banned and then reversed bans on companies with dual-class structures multiple times since first allowing dual-class stocks in 2014.

Initial public offering (IPO) is the term for when a company goes public

When a company completes its IPO, it's no longer a privately owned organization. Anyone can invest in the company by buying its shares on the stock market—opening up ownership of the business to the general public.

How Netflix battled Blockbuster

The most consequential business stories involve intense rivalries. The story of Netflix versus Blockbuster is one of those: an agile upstart versus an entrenched incumbent. This nine-part podcast explores the key strategies and pivotal moments in the rivalry that upended the entertainment business, setting the stage for the streaming wars.

Local governments coordinate across jurisdictions through regional councils and planning bodies

Many local governments are part of Councils of Governments or Metropolitan Planning Organizations—regional entities that coordinate transportation, land use, and other shared priorities across city and county boundaries. Federal law mandates their establishment in any metro area with a population over 50,000.

The funeral home industry is increasingly consolidating via private equity firms

A growing share of the funeral home industry is being acquired by private equity-backed firms. A 2022 article states that about 20% of this $23B business is owned by funeral home chains, and private equity-backed firms own about a quarter of those.

The gig economy is a labor market in which workers earn money through on-demand jobs

These “gigs” are often temporary or flexible tasks, such as driving for Uber. Colloquially, the term “gig economy” usually refers to people doing jobs where they connect with people who request their services through an app.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

What it means to call something 'Orwellian'

The adjective often refers to anything that resembles the dystopian governments of George Orwell, usually a state like the one in "1984" that monitors its citizens to ensure compliance. But as this video essay from Noah Tavlin makes clear, the more precise definition is a society that redefines language to control thought.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

Browse a detailed visual analysis of over 200,000 similes—comparisons that often use 'like' or 'as'—from popular fiction to see how frequently writers the same idiomatic expressions.

Power lines are dotted with large, brightly colored balls to improve the visibility of these thin wires to helicopters and small planes and help prevent potential crashes.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

The hormonal disorder PCOS was renamed PMOS in 2026, a move designed to improve care and research by shifting the focus to the hormonal causes of this condition that affects 1 in 8 women.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Animal phobias are likely the most common type of phobias, followed by an extreme fear of heights.

Learn how monoclonal antibodies, which mimic the body's antibodies, can fight diseases like Ebola.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Corals are themselves not coral reefs—the term refers to the tiny marine invertebrates that build the rigid reef.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

The syncytiotrophoblast is the outer layer of the placenta and the largest human cell, spanning an area about twice that of a king-sized bedsheet.

Iran's Revolutionary Guard Corps is independent of Iran's regular army and is one of the most powerful and influential military-political organizations in the Middle East.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

See photos of Meteora, a mountainous site in central Greece, home to 14th-century monasteries perched atop soaring outcroppings.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight