Question

What are the differences between monopoly, oligopoly and monopolistic competition? PC/Monopoly/Monopolistic Competition/Oligopoly – What are the...

What are the differences between monopoly, oligopoly and monopolistic competition?

PC/Monopoly/Monopolistic Competition/Oligopoly – What are the characteristics

Three different models of Oligopoly

Cartel

Collusion

Homework Answers

Answer #1

Ans:

1) Difference between monopoly, oligopoly and monopolistic competition

Comparison monopoly oligopoly monopolistic competition
Meaning Monopoly is a market structure in which only one seller sells unique products. Oligopoly is a market structure in which there are small number of large sellers. Monopolistic competition is a mixture of monopoly and perfect competition.
Product types Unique identical differentiated
Number of players one few many
Nature of competition No competition little competition fairly good competition
Prices High prices are charged fair prices are charged depends on product differentiation
Restrictions to entry strong barriers on the entry of new firms such as legal,resources control. economies of scale new firms can enter and exit the market but only in the long run.
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