Difference between monopoly and oligopolastic competition

1.	Difference between monopoly and oligopolastic competition
Answer» <th>BASIS FOR COMPARISON</th> <th>MONOPOLY</th> <th>OLIGOPOLY</th> \t\t\tMeaningMonopoly is a form of market structure, where only one seller sells his distinctive product and dominates the entire market.A market situation in which there are few firms in the market that sells either homogeneous or differentiated product and compete in the market.Number of playersOneTwo to tenProduct DifferentiationExtremeNone to substantialCompetitionDoes not exist.LittlePricesHigh prices are charged.Fair prices are charged.Control over priceVery considerableSomeBasis of setting priceDemand of consumers for the product.Competitors prices.Restrictions to entryDue to economic, institutional, legal or any other reason.Due to economies of scale.\t

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