A market condition in which sellers are so few that the actions of any one of them will materially affect price and have a measurable impact on competitors. While cartel is often used in place of oligopoly, cartels don’t necessarily have the ability to control the market, and they aren’t necessarily created for the purpose of exerting control, while the primary function of an oligopoly is to preserve its own power by exerting influence over markets when they feel it is in the interest of members to do so. > >