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The main difference between a monopoly and an oligopoly lies in the number of firms in the market. A monopoly exists when a single company dominates the entire market, having significant control over prices and supply, while an oligopoly consists of a few firms that dominate the market, where their actions are interdependent and can significantly influence each other's pricing and output decisions. In a monopoly, consumers have limited choices, whereas in an oligopoly, there are multiple options, albeit still limited due to the concentrated nature of the market.
What else can I help you with?
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.
Is sainsbury's monopoly or oligopoly?
Oligopoly!
Is asda a monopoly or oligopoly?
oligopoly
Is comcast a monopoly or oligopoly market structure?
Oligopoly
What company operating under condition of monopoly and oligopoly?
There may be a case for government, the welfare consequences of monopoly, duopoly or oligopoly.
Are there homogeneous products in an oligopoly?
Homogeneous products are in a monopoly, oligopoly, monopolistic, monopoly and pure competition according to economics. for the purpose of analysis.
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
What is The opposite market structure of a monopoly is?
Oligopoly
What are possible market structures for an economic system?
oligopoly, monopoly, and pure competitonMonopoly, Pure competition, Oligopoly
Is Facebook a monopoly an oligopoly or a monopolistic competition?
Oligopoly. Few or top producers, around 60% of the market.
What s the difference between monopoly and oligony?
The definition of monopoly is one firm in the marketplace selling a particular good. An oligopoly is when a small group of firms comprise the market for a particular good. In the real world, there may be several, or even many, smaller competitors to a monopoly or an oligopoly, but the monopolist or the oligopoly still controls the vast share of the market. For example, Standard Oil repeatedly drove new entrants out of the market before its breakup.
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.
