Question

what is te difinition of each of the following words >>>>providing the source will be much better plz

Monopolistic competition :

Monopoly :

An oligopoly :

A duopoly :

Answer 1

Monopolistic competition- A market in which multiple businesses sell goods or services that are identical, but not ideal substitutes, is distinguished by monopolistic competiton. There are low barriers to entry and departure in a competitive monopoly market, and the decisions of any one corporation do not explicitly impact those of its rivals. The corporate practise of brand differentiation is closely linked to monopolistic rivalry.

Monopoly- A monopoly applies to whether a company controls a market or business and its product offerings. In the absence of any limitations or restrictions, a single entity or association becomes big enough to control all or virtually all of the market (goods, supplies, commodities, facilities, and assets) for a certain form of product or service, monopolies may be viewed as an severe consequence of free-market capitalism. The term monopoly is sometimes used to describe an organisation with absolute or nearly absolute market dominance.

Oligopoly- A market structure in which a few companies dominate is an oligopoly. It is said to be highly concentrated where a competition is divided by a few companies. While only a few businesses dominate, several small businesses will still be able to compete in the industry.

Duopoly- A duopoly is a condition in which two firms collectively control all or virtually all of the market for a particular good or service. The most fundamental type of oligopoly, a market dominated by a limited number of businesses, is a duopoly. When the two parties collude on costs or production, a duopoly will have the same effect on the market as a monopoly. Collusion results in higher rates being paid by customers than they will in a truly open market, and under U.S. antitrust law, it is unlawful.

Reference- Economic times and book on Post-Capitalist Society by Peter F. Drucker