Question
Define oligopoly, In what respects does it differ from monopoly?
Oligopoly is a market dominated by few large firms competing with each other
Basis | Oligopoly | Monopoly |
1. No. of sellers | There are few large sellers producing a commodity. | There is only a single seller in the market. |
2. Entry of new firms | Entry of new firms is difficult. | Entry of new firms is restricted. |
3. Demand curve | Demand curve is indeterminate. | Demand curve faced by a monopoly firm is less elastic. |
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