ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopoly = A market structure characterized by barriers to entry and a few firms. Oligopoly is a fascinating market structure due to interaction and interdependency between oligopolistic firms.

Detailed explanation-2: -What is Monopoly. Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

Detailed explanation-3: -Oligopoly markets are markets dominated by a small number of suppliers. They can be found in all countries and across a broad range of sectors. Some oligopoly markets are competitive, while others are significantly less so, or can at least appear that way.

Detailed explanation-4: -An oligopoly refers to a market with only a few sellers. Monopolistic competition refers to situations where there are many sellers, but the products are highly differentiated. There are several important nuances to explore between these types of markets.

Detailed explanation-5: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.