Meaning of the word duopoly in English

What does duopoly mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

duopoly

US /duˈɒpəli/
UK /duˈɒpəli/

Noun

1.

a situation in which only two companies control all the business in a particular industry:

Example:
The merger would clearly create a duopoly in the industry.
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