Definition

A situation in which two companies or groups have control over a market or industry, limiting competition.

Example

In a duopoly, the two companies often set prices and control supply together.

Conversation

Have you heard about the duopoly in the smartphone market?

Yeah, it's pretty crazy how two companies control everything.

I wonder how that affects prices and choices for consumers.

It definitely limits options, but some people still love their brands.

Synonyms & Antonyms

Root Explanation

Duopoly → It is formed from "duo-" (meaning two) and "-poly" (from Greek "polus", meaning many). The word describes a market condition where two companies dominate or control a particular industry or sector.

Memory Tip

Think of 'duo' meaning two, and 'poly' meaning many — a duopoly is a situation where two entities hold significant power in a market.

Visually Confused Words