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Monoply is a situation in which a single person or individual or a business dictates the whole system and people are dependent only on that single individual or business.
While cartel is a situation where a group of businesses or companies work hand in hand instead of competing with each other to benefit themselves and not the consumer.In both conditions the consumer is the looser.
Wiki User
∙ 14y ago
Wiki User
∙ 12y agoThe difference in a cartel and a oligopoly is: A cartel is a small number of firms that dominate the industry to fix price and production; and oligopoly is a small number of firms that compete with each other and numerous sellers have their presence in one significant market.
Anonymous
A cartel is a formal agreement and oligopoly is a small market that dominate
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What is difference between perfect competition and oligopoly?
the difference between perfect and imperfect oligopoly
What is the definition of collusive oligopoly?
Collusive oligopoly is an industry that only contains few producers (oligopoly), in which producers agree among one another as to pricing of output and allocation of output markets among themselves. Cartel, such as OPEC, are collusive oligopolies.
Disadvantages of oligopoly?
1. Cartel: A cartel is when a group of firms decide to agree on leveling out the output. In some countries, output supply needed might be more than other countries or more than the specified output level. Thus, it might be a problem in some countries. 2. Collusions: Collusions are informal agreements done between firms in an oligopoly to ristrict competition. Thus, new firms my not be able to set up and this may cause dificiency of choice for customers.
What is the difference bet pure oligopoly and oligopoly?
In a pure oligopoly the products that are sold are homogeneous (the same e.g. gold, steel etc). While in a impure oligopoly the product that are sold are heterogeneous (different, think tablets, smart phones etc.).
What is the difference between cartel and collusion?
A cartel is a formal agreement between companies to control the price of a commodity or product etc - like OPEC. Tacit collusion occurs when companies make an informal agreement to fix prices (i.e. they do this without letting their competitors or official bodies know). Your confusion might arise from the fact that members of a Cartel (an officially organised group) can still engage in unofficial agreements (tacit collusion), although it is usually firms outside a cartel who do this
What is difference between perfect competition and oligopoly?
the difference between perfect and imperfect oligopoly
What is the difference between a trust and a cartel?
In trust we lose our independence. In cartel we retain the independence.....
What is the difference between a cartel and a trust?
A cartel is an agreement between competing firms to control prices or limit competition in a specific market, often through collusion. A trust is a legal entity created to combine multiple businesses under common ownership to reduce competition and control markets. Both aim to restrict competition but operate differently in terms of structure and legality.
What is the definition of collusive oligopoly?
Collusive oligopoly is an industry that only contains few producers (oligopoly), in which producers agree among one another as to pricing of output and allocation of output markets among themselves. Cartel, such as OPEC, are collusive oligopolies.
What is another word for monopoly?
Lets see: trust, corner, syndicate, cartel, oligopoly, copyright, patent.
What is the one main difference between a monopoly and an oligopoly?
Firms in oligopoly can set prices to a degree but must consider other firms' decisions.
Disadvantages of oligopoly?
1. Cartel: A cartel is when a group of firms decide to agree on leveling out the output. In some countries, output supply needed might be more than other countries or more than the specified output level. Thus, it might be a problem in some countries. 2. Collusions: Collusions are informal agreements done between firms in an oligopoly to ristrict competition. Thus, new firms my not be able to set up and this may cause dificiency of choice for customers.
What is meant by market structure?
An oligopoly is an intermediate market structure between the extremes of perfect competition and monopoly. Oligopoly firms might compete (noncooperative oligopoly) or cooperate (cooperative oligopoly) in the Marketplace.
What is the difference bet pure oligopoly and oligopoly?
In a pure oligopoly the products that are sold are homogeneous (the same e.g. gold, steel etc). While in a impure oligopoly the product that are sold are heterogeneous (different, think tablets, smart phones etc.).
What is the difference between cartel and collusion?
A cartel is a formal agreement between companies to control the price of a commodity or product etc - like OPEC. Tacit collusion occurs when companies make an informal agreement to fix prices (i.e. they do this without letting their competitors or official bodies know). Your confusion might arise from the fact that members of a Cartel (an officially organised group) can still engage in unofficial agreements (tacit collusion), although it is usually firms outside a cartel who do this
What is the difference between pool and cartel?
1. the motive of pool is earning profits.But the motives of cartel is distribution of product it does not operate for earning profits for itself.2. pool is an agreement which is made by the members of the pool produce similar product and they want to regularize the price of product.But cartel is an association of independent producers.Cartel can not interfere in the internal affairs of the firm..3. the pool rliminates the competition. But cartel secures monopoly .4.pool divides market but cartel distributes product
Which of the folllowing best states the main difference between a monopoly and an oligopoly?
Oligopolies involve more than one company while monopolies involve only one. apex :]p
