ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A monopoly occurs when a single company that produces a product or service controls the market with no close substitute. In an oligopoly, two or more companies control the market, none of which can keep the others from having significant influence.

Detailed explanation-2: -In an oligopoly, a few sellers supply a sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow. In a monopoly, there is only one seller in the market.

Detailed explanation-3: -which market is an oligopoly? which market is monopolistically competitive? A retail gas market is monopolistically competitive. A retail gas market is an oligopoly.

Detailed explanation-4: -To gain further insight into oligopolistic pricing and output behavior, we will examine three distinct pricing models: (1) the kinked-demand curve, (2) collusive pricing, and (3) price leadership.