ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oligopoly: An Overview. A monopoly and an oligopoly are market structures that exist when there is imperfect competition . A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods.

Detailed explanation-2: -The opposite of perfect competition is a monopoly, where a single company controls the supply of a certain product.

Detailed explanation-3: -Pure competition is a marketing situation where many sellers offer similar products for similar prices. In pure competition markets, corporations have little control of a product’s price. Pure competition is the opposite of a monopoly, where one company has complete price control because of little competition.

Detailed explanation-4: -In terms of the number of sellers and degree of competition, monopolies lie at the opposite end of the spectrum from perfect competition. In perfect competition, there are many small companies, none of which can control prices; they simply accept the market price determined by supply and demand.

Detailed explanation-5: -A monopolistic market is a market structure with the characteristics of a pure monopoly. A monopoly exists when one supplier provides a particular good or service to many consumers. In a monopolistic market, the monopoly (or dominant company) exerts control over the market, enabling it to set the price and supply.