Monopoly vs Oligopoly | Differences Between Monopoly and Oligopoly #economics #economicsconcepts

🔴 Monopoly
A monopoly exists in areas where one company is the only or dominant force to sell a product or service in an industry. This gives the company enough power to keep competitors away from the marketplace. This could be due to high barriers to entry such as technology, steep capital requirements, government regulation, patents, or high distribution costs.
Once a monopoly is established, lack of competition can lead the seller to charge high prices. Monopolies are price makers. This means they determine the cost at which their products are sold. These prices can be changed anytime. A monopoly also reduces available choices for buyers. The monopoly becomes a pure monopoly when there is absolutely no other substitute available.

🔴 Oligopoly
In an oligopoly, a group of companies (usually two or more) controls the market. However, no single company can keep the others from wielding significant influence over the industry, and they each may sell products that are slightly different.
Prices in this market are moderate because of the presence of competition. When one company sets a price, others will respond in fashion to remain competitive. For example, if one company cuts prices, other players typically follow suit. Prices are usually higher in an oligopoly than they would be in perfect competition.

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🔴 In this video - #padhakulog
Teacher's Name - CS Payal Popli
Topic - Difference between Monopoly and Oligopoly

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Видео Monopoly vs Oligopoly | Differences Between Monopoly and Oligopoly #economics #economicsconcepts канала Padhaku Log