1/12/2024 0 Comments Monopoly empire topmost definitionIn contrast to the oligopoly, the price will remain fixed longer. Customers or consumers must pay a different price for the same or similar product. In a monopoly, price discrimination does exist.The reasons for restricting the barriers to entry in the monopoly market can be economic, legal, or institutional, but the major reason for the barrier to entry in an oligopoly kind of competition is economies of scale.On the contrary, in an oligopoly, the service offered or the product the firm sells are either the same or different and have closed or nearby substitutes. In a monopoly kind of competition, the seller will dominate the entire market by selling a unique or, say, a specialty product for which there will be no substitute available. In a monopoly, there is only a single player in the whole marketplace, but in an oligopoly, the players range from two to ten.The major difference between Monopoly vs Oligopoly market is Monopoly refers to a kind of market that has one seller who is dominating the entire market, and on the other side, the economic structure wherein there are a handful or few firms or sellers in the marketplace who are selling similar or same kind of products and who are competing among themselves is an Oligopoly.Key Differences Between Oligopoly vs Monopolyīoth Oligopoly vs Monopoly are popular choices in the market let us discuss some of the major differences :
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