Discuss the similarities and differences of an oligopoly market from the other three markets -Perfectly competitive...

Discuss the similarities and differences of an oligopoly market from the other three markets

-Perfectly competitive market

-Monopoly market

-monopolistic competitive.

Expert Solution

Similarities between oligopoly market and monopolistic competition:

In both the markets, selling cost is high. Firm makes a huge expenditure on advertisement through newspapers, journals, electronic media etc.

Differences between oligopoly market and monopolistic competition:

In oligoploy market, there are less number of firms and producers. While in monopolistic competition market there are large number of producers.

Similarities between oligopoly market and monoploy market:

In both the market, firm can change the price of a commodity. They can either increase the price or decrease the price of a commodity.

Differences between oligopoly market and monoploy market:

In monopoly market, there are only one firm. In this market firm and industry are same. While in oligopoly market there are more than one firm.

Similarities between oligopoly market and perfect competitive market:

In both the market commodities are homogeneous. But sometimes in oligopoly market, commodities have very small differences.

Differences between oligopoly market and perfect competitive market:

In perfectly competitive market price is determined by market forces i.e. demand and supply. While in oligopoly market price is determined by firm.

Rahul Sunny answered 2 years ago

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