Testifying at a price fixing trial involving Cargill and the market for chicken growth hormone, in which Cargill is one of only three firms worldwide, an executive said: "It's an oligopoly. When one firm changes price, they all do... usually within minutes."
Why is it not surprising to find that in an oligopoly which sells a basically undifferentiated product like chicken growth hormone, all the firms change prices simultaneously, even if there is no explicit price fixing?© BrainMass Inc. brainmass.com March 4, 2021, 6:59 pm ad1c9bdddf
Oligopoly Market structure
The word is derived from the Greek for few sellers.
This structure exists when a few sellers of products or services control the supply of a large proportion of the market. These firms tend to set similar prices and create more difficult barriers for entry into the market. In oligopoly is market form in which a market is dominated by a small number of sellers (oligopolist).
This discusses the Oligopoly Market structure
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