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Simple English definitions for legal terms
duopoly
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A quick definition of duopoly:
Duopoly: A type of market where there are only two companies that sell a certain product. This means that consumers only have two options to choose from when buying that product.
A more thorough explanation:
Definition: A duopoly is a market structure in which there are only two sellers of a particular product or service.
Example 1: The soft drink industry is a classic example of a duopoly, with Coca-Cola and PepsiCo controlling the majority of the market share.
Example 2: Another example of a duopoly is the commercial aircraft industry, with Boeing and Airbus being the only major players in the market.
These examples illustrate the definition of a duopoly by showing how there are only two dominant companies in their respective industries. This can lead to limited competition and potentially higher prices for consumers. However, it can also lead to innovation and investment as the two companies compete to stay ahead of each other.