A monopoly exists when one firm that produces a product or service dominates the market and there is no substitute for it. In an oligopoly, two or more companies dominate the market and neither company can prevent the other from exercising significant influence.
There are four types of general market structure: perfect competition, oligopoly market, monopoly market and monopolistic competition.
The structure of the economic market can be divided into four categories: perfect competition, monopolistic competition, oligopoly and monopoly. The categories differ based on the following characteristics: the number of producers is high in monopoly competition, low in oligopoly, he is one in monopoly.
Monopolies and oligopolies are market structures that exist under imperfect competition. A monopoly is when a single firm produces goods with no substitutes, while an oligopoly is when a few relatively large firms produce similar but slightly different goods.
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