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Difference between monopoly and oligopolastic competition

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Difference between monopoly and oligopolastic competition

    • Posted by Abhinav Bansal 6 years, 10 months ago

    CBSE > Class 11 > Economics
    • 1 answers

    Gaurav Seth 6 years, 10 months ago

    <th>BASIS FOR COMPARISON</th> <th>MONOPOLY</th> <th>OLIGOPOLY</th>
    Meaning Monopoly is a form of market structure, where only one seller sells his distinctive product and dominates the entire market. A market situation in which there are few firms in the market that sells either homogeneous or differentiated product and compete in the market.
    Number of players One Two to ten
    Product Differentiation Extreme None to substantial
    Competition Does not exist. Little
    Prices High prices are charged. Fair prices are charged.
    Control over price Very considerable Some
    Basis of setting price Demand of consumers for the product. Competitors prices.
    Restrictions to entry Due to economic, institutional, legal or any other reason. Due to economies of scale.

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