Identify and describe a real world example of an oligopoly. What characteristics of this market fit the definition of an oligopoly?

A real world example of an oligopoly is the telecommunications industry. This market consists of a few large corporations such as AT&T, Verizon, and T-Mobile who are able to maintain control over prices and production due to their sheer size and power in the marketplace. Additionally, these companies also have high barriers to entry which keeps out smaller competitors and helps them maintain their dominant positions.

These characteristics fit with the definition of an oligopoly which is defined as a market structure consisting of few firms that hold substantial control over pricing and other decisions within the given industry. It is important to note though that not all oligopolies are necessarily held by just three companies or less (as in this case) but rather any situation where two or more firms have enough influence over the market so that no individual actor can succeed without taking into account how it will impact its competitors moving forward into the future.