{"id":245,"date":"2008-08-02T04:00:45","date_gmt":"2008-08-02T10:00:45","guid":{"rendered":"https:\/\/blog.ernstrom.net\/?p=245"},"modified":"2008-08-02T04:00:45","modified_gmt":"2008-08-02T10:00:45","slug":"word-of-the-day-oligopoly","status":"publish","type":"post","link":"https:\/\/blog.ernstrom.net\/?p=245","title":{"rendered":"Word of the day: Oligopoly"},"content":{"rendered":"<p>When I was helping Dave study for his Economics final yesterday, I was reading some of his past test questions and quizzing him. A word kept creeping in that I hadn&#8217;t heard before. I didn&#8217;t know the definition of the word, and I kept pronouncing it wrong.<\/p>\n<p>After butchering it a few times I finally asked Dave what it meant. And I immediately decided that it needed to be the word of the day.<\/p>\n<p>The word, <strong>Oligopoly<\/strong>.<\/p>\n<p>From <a target=\"_blank\" href=\"http:\/\/dictionary.reference.com\/\">Dictionary.com<\/a>:<\/p>\n<blockquote>\n<div class=\"luna-Ent\"><a style=\"text-decoration: none\" onmouseover=\"window.status='go to www.CFO.com';return true;\" onmouseout=\"window.status='';\" href=\"http:\/\/pagead2.googlesyndication.com\/pagead\/iclk?sa=l&#038;ai=BG_bUAFyTSOu6MKX6rAOU8I3tBLim0Fe2taXKBcCNtwHQyhYQAxgDII-UoREoBTgAUKPH0Spgyc6UjeikjBigAamCiP8DsgEYZGljdGlvbmFyeS5yZWZlcmVuY2UuY29tyAEB2gEwaHR0cDovL2RpY3Rpb25hcnkucmVmZXJlbmNlLmNvbS9icm93c2Uvb2xpZ29wb2x5gAIByALE-YQGqAMB6AOIBOgDbOgDtAX1AyAEAAD1AwQAAACIBAGQBAGYBAA&#038;num=3&#038;adurl=http:\/\/cfo.com\/archives\/directory.cfm\/2984293%3Ff%3Dad_google%26utm_source%3Dgoogle%26utm_medium%3Dcpc%26utm_term%3Dbusiness%252Boligopoly&#038;client=ca-aj-lexico-dict\"><span class=\"src\" \/><\/a><span class=\"line\" \/><span class=\"src\"><a title=\"Click for more information about this dictionary\" href=\"http:\/\/dictionary.reference.com\/help\/luna.html\"><cite>Dictionary.com Unabridged (v 1.1)<\/cite><\/a><\/span> &#8211; <span class=\"src\"><a target=\"_blank\" href=\"http:\/\/dictionary.reference.com\/cite.html?qh=oligopoly&#038;ia=luna\">Cite This Source<\/a><\/span> &#8211; <span class=\"src\"><cite><a href=\"http:\/\/dictionary.reference.com\/browse\/oligopoly#sharethis\">Share This<\/a><\/cite><\/span> <!-- google_ad_section_start(name=def) --><\/p>\n<div class=\"luna-Ent\"><span class=\"me\">ol\u00b7i\u00b7gop\u00b7o\u00b7ly<\/span> <span class=\"pronset\"><img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>  \t\t<script type=\"text\/javascript\"> \t\t\/\/ <![CDATA[ \t\tvar interfaceflash = new LEXICOFlashObject ( \"http:\/\/cache.lexico.com\/d\/g\/speaker.swf\", \"speaker\", \"17\", \"18\", \"<a xhref=\"http:\/\/dictionary.reference.com\/audio.html\/lunaWAV\/O00\/O0082600\" target=\"_blank\"><img xsrc=\"http:\/\/cache.lexico.com\/g\/d\/speaker.gif\" border=\"0\" \/><\/a>\", \"6\"); \t\tinterfaceflash.addParam(\"loop\", \"false\"); \t\tinterfaceflash.addParam(\"quality\", \"high\"); \t\tinterfaceflash.addParam(\"menu\", \"false\"); \t\tinterfaceflash.addParam(\"salign\", \"t\"); \t\tinterfaceflash.addParam(\"FlashVars\", \"soundUrl=http%3A%2F%2Fcache.lexico.com%2Fdictionary%2Faudio%2Fluna%2FO00%2FO0082600.mp3\"); \t\tinterfaceflash.write(); \t\t\/\/ ]]> \t\t<\/script><noscript><a xhref=\"http:\/\/dictionary.reference.com\/audio.html\/lunaWAV\/O00\/O0082600\" mce_href=\"http:\/\/dictionary.reference.com\/audio.html\/lunaWAV\/O00\/O0082600\" target=\"_blank\"><img xsrc=\"http:\/\/cache.lexico.com\/g\/d\/speaker.gif\" mce_src=\"http:\/\/cache.lexico.com\/g\/d\/speaker.gif\" border=\"0\" \/><\/a><\/noscript>  <a class=\"audiohelp\" href=\"http:\/\/dictionary.reference.com\/help\/audio.html\">Audio Help<\/a>    <span class=\"show_ipapr\" style=\"display: none\"><span class=\"prondelim\">\/<\/span><span class=\"pron\">\u02cc\u0252l<img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>\u026a\u02c8g\u0252p<img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>\u0259<img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>li<\/span><span class=\"prondelim\">\/<\/span> <a class=\"pronlink\" title=\"Click for pronunciation key\" onclick=\"pk = window.open('\/help\/luna\/IPA_pron_key.html', 'PronunciationKey','height=700,width=560,left=0,top=0,resizable,scrollbars');if(pk){pk.focus();}\" onmouseover=\"status='Click for pronunciation key';return true;\" onmouseout=\"status='';return true;\">Pronunciation Key<\/a><span class=\"pron_toggle\" style=\"display: inline\"><span class=\"prondelim\"> &#8211; <\/span><a class=\"pronlink\" title=\"Click to show spelled pronunciation\" onclick=\"javascript:show_sp()\" onmouseover=\"status='Click to toggle pronunciation';return true;\" onmouseout=\"status='';return true;\">Show Spelled Pronunciation<\/a><\/span><\/span><span class=\"show_spellpr\" style=\"display: inline\"><span class=\"prondelim\">[<\/span><span class=\"pron\">ol-i-<strong>gop<\/strong>&#8211;<em>uh<\/em>-lee<\/span><span class=\"prondelim\">]<\/span> <a class=\"pronlink\" title=\"Click for pronunciation key\" onclick=\"pk = window.open('\/help\/luna\/Spell_pron_key.html', 'PronunciationKey','height=700,width=560,left=0,top=0,resizable,scrollbars');if(pk){pk.focus();}\" onmouseover=\"status='Click for pronunciation key';return true;\" onmouseout=\"status='';return true;\">Pronunciation Key<\/a><span class=\"pron_toggle\" style=\"display: inline\"><span class=\"prondelim\"> &#8211; <\/span><a class=\"pronlink\" title=\"Click to show IPA pronunciation\" onclick=\"javascript:show_ip()\" onmouseover=\"status='Click to toggle pronunciation';return true;\" onmouseout=\"status='';return true;\">Show IPA Pronunciation<\/a><\/span><\/span> <\/span><\/p>\n<div class=\"body\"><span class=\"pg\">\u2013noun  <\/span><\/p>\n<table class=\"luna-Ent\">\n<tr>\n<td valign=\"top\">the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors. Compare <a style=\"font-variant: small-caps\" href=\"http:\/\/dictionary.reference.com\/search?q=duopoly\">duopoly<\/a>, <a style=\"font-variant: small-caps\" href=\"http:\/\/dictionary.reference.com\/search?q=monopoly\">monopoly<\/a> <span class=\"dn\">(def. 1)<\/span>.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"tail\">\n<hr class=\"ety\" \/>\n<div class=\"ety\">[Origin: <span class=\"rom-inline\">1890\u201395; <\/span><a style=\"font-variant: small-caps\" href=\"http:\/\/dictionary.reference.com\/search?q=oligo-\">oligo-<\/a> + <a style=\"font-variant: small-caps\" href=\"http:\/\/dictionary.reference.com\/search?q=monopoly\">(mono)poly<\/a><img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>]<\/div>\n<p><span class=\"sectionLabel\">\u2014Related forms<\/span><\/p>\n<div class=\"roset\"><span class=\"secondary-bf\">ol\u00b7i\u00b7gop\u00b7o\u00b7lis\u00b7tic <\/span><span class=\"pronset\"><img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>  \t\t<script type=\"text\/javascript\"> \t\t\/\/ <![CDATA[ \t\tvar interfaceflash = new LEXICOFlashObject ( \"http:\/\/cache.lexico.com\/d\/g\/speaker.swf\", \"speaker\", \"17\", \"18\", \"<a xhref=\"http:\/\/dictionary.reference.com\/audio.html\/lunaWAV\/O00\/O0082700\" target=\"_blank\"><img xsrc=\"http:\/\/cache.lexico.com\/g\/d\/speaker.gif\" border=\"0\" \/><\/a>\", \"6\"); \t\tinterfaceflash.addParam(\"loop\", \"false\"); \t\tinterfaceflash.addParam(\"quality\", \"high\"); \t\tinterfaceflash.addParam(\"menu\", \"false\"); \t\tinterfaceflash.addParam(\"salign\", \"t\"); \t\tinterfaceflash.addParam(\"FlashVars\", \"soundUrl=http%3A%2F%2Fcache.lexico.com%2Fdictionary%2Faudio%2Fluna%2FO00%2FO0082700.mp3\"); \t\tinterfaceflash.write(); \t\t\/\/ ]]> \t\t<\/script><noscript><a xhref=\"http:\/\/dictionary.reference.com\/audio.html\/lunaWAV\/O00\/O0082700\" mce_href=\"http:\/\/dictionary.reference.com\/audio.html\/lunaWAV\/O00\/O0082700\" target=\"_blank\"><img xsrc=\"http:\/\/cache.lexico.com\/g\/d\/speaker.gif\" mce_src=\"http:\/\/cache.lexico.com\/g\/d\/speaker.gif\" border=\"0\" \/><\/a><\/noscript>  <a class=\"audiohelp\" href=\"http:\/\/dictionary.reference.com\/help\/audio.html\">Audio Help<\/a>    <span class=\"show_ipapr\" style=\"display: none\"><span class=\"prondelim\">\/<\/span><span class=\"pron\">\u02cc\u0252l<img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>\u026a\u02ccg\u0252p<img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>\u0259\u02c8l\u026as<img decoding=\"async\" border=\"0\" class=\"luna-Img\" src=\"http:\/\/cache.lexico.com\/dictionary\/graphics\/luna\/thinsp.png\" \/>t\u026ak<\/span><span class=\"prondelim\">\/<\/span> <a class=\"pronlink\" title=\"Click for pronunciation key\" onclick=\"pk = window.open('\/help\/luna\/IPA_pron_key.html', 'PronunciationKey','height=700,width=560,left=0,top=0,resizable,scrollbars');if(pk){pk.focus();}\" onmouseover=\"status='Click for pronunciation key';return true;\" onmouseout=\"status='';return true;\">Pronunciation Key<\/a><span class=\"pron_toggle\" style=\"display: inline\"><span class=\"prondelim\"> &#8211; <\/span><a class=\"pronlink\" title=\"Click to show spelled pronunciation\" onclick=\"javascript:show_sp()\" onmouseover=\"status='Click to toggle pronunciation';return true;\" onmouseout=\"status='';return true;\">Show Spelled Pronunciation<\/a><\/span><\/span><span class=\"show_spellpr\" style=\"display: inline\"><span class=\"prondelim\">[<\/span><span class=\"pron\">ol-i-gop-<em>uh<\/em>&#8211;<strong>lis<\/strong>-tik<\/span><span class=\"prondelim\">]<\/span> <a class=\"pronlink\" title=\"Click for pronunciation key\" onclick=\"pk = window.open('\/help\/luna\/Spell_pron_key.html', 'PronunciationKey','height=700,width=560,left=0,top=0,resizable,scrollbars');if(pk){pk.focus();}\" onmouseover=\"status='Click for pronunciation key';return true;\" onmouseout=\"status='';return true;\">Pronunciation Key<\/a><span class=\"pron_toggle\" style=\"display: inline\"><span class=\"prondelim\"> &#8211; <\/span><a class=\"pronlink\" title=\"Click to show IPA pronunciation\" onclick=\"javascript:show_ip()\" onmouseover=\"status='Click to toggle pronunciation';return true;\" onmouseout=\"status='';return true;\">Show IPA Pronunciation<\/a><\/span><\/span>, <\/span><span class=\"pg\">adjective  <\/span><\/div>\n<\/div>\n<\/div>\n<p><!-- google_ad_section_end(name=def) --><\/p>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\">\n<tr>\n<td><span class=\"src\"><cite>Dictionary.com Unabridged (v 1.1)<br \/>\nBased on the Random House Unabridged Dictionary, \u00a9 Random House, Inc. 2006.<\/cite><\/span><\/td>\n<\/tr>\n<\/table>\n<p><!-- end luna --> <span class=\"line\" \/><script type=\"text\/javascript\" language=\"JavaScript\"> if (LEXICO_Globals.GoogleAFC.ads.content.length) { if (LEXICO_Globals.GoogleAFC.ads.content.length >= 1) { document.write(LEXICO_Globals.GoogleAFC.ads.contentTop); document.write(LEXICO_Globals.GoogleAFC.ads.sponsoredLinks); document.write(LEXICO_Globals.GoogleAFC.ads.content[0]); document.write(\"<\/div>\n<p>\"); } if (LEXICO_Globals.GoogleAFC.ads.content.length >= 2) { document.write(LEXICO_Globals.GoogleAFC.ads.contentTop); document.write(LEXICO_Globals.GoogleAFC.ads.content[1]); document.write(\"<\/p><\/div>\n<p>\"); } if (LEXICO_Globals.GoogleAFC.ads.content.length >= 3) { document.write(LEXICO_Globals.GoogleAFC.ads.contentTop); document.write(LEXICO_Globals.GoogleAFC.ads.content[2]); document.write(\"<\/p><\/div>\n<p>\"); } document.write(\"<span class=\"line\"><\/span>\"); }   <\/script><\/p>\n<div><span style=\"display: block; height: 0.5em\" \/><span style=\"float: right; font-weight: normal; font-size: 0.9em; color: #666666; margin-top: -0.3em\"><br \/>\n<\/span><\/div>\n<\/div>\n<\/blockquote>\n<p>Wikipedia gives a more thorough explanation of what oligopoly is. Click <a target=\"_blank\" href=\"http:\/\/en.wikipedia.org\/wiki\/Oligopoly\">HERE<\/a> if you feel like getting educated.<\/p>\n<p>When explaining it to me Dave used the example of &#8220;cereal&#8221; as a oligopoly. There are few sellers (Post, Kellogg&#8217;s, General Mills) that make similar products &#8211; none of which have a monopoly on cereal. He said that CD&#8217;s are an example of a monopoly (E.g. You can only get your favorite Britney Spears soundtrack from one recording studio). That seemed to help me understand it a bit more.<\/p>\n<p>So&#8230; now that you all know what Oligopoly means, the goal is to <strong>try to use it in a sentence at least once this week<\/strong>. If you do, come back and let me know how you used it. C&#8217;mon, this could be fun! I bet you&#8217;ll get a few people looking at you funny.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When I was helping Dave study for his Economics final yesterday, I was reading some of his past test questions and quizzing him. A word kept creeping in that I hadn&#8217;t heard before. I didn&#8217;t know the definition of the word, and I kept pronouncing it wrong. After butchering it a few times I finally [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6,13],"tags":[],"class_list":["post-245","post","type-post","status-publish","format-standard","hentry","category-college-life","category-dave","category-random"],"_links":{"self":[{"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=\/wp\/v2\/posts\/245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=245"}],"version-history":[{"count":0,"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=\/wp\/v2\/posts\/245\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ernstrom.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}