Question

What is the major difference between oligopoly and the other three market structures (perfect competition, monopolistic competition, and monopoly)?

Answer 1

S. No.	Reference	Oligopoly	Perfect Competition	Monopolistic Competition	Monopoly
1.	Number of sellers and buyers	A small no. Of big sellers and a large no. Of buyers	Large	Large	One seller, but large no. Of buyers
2.	Nature of the commodity	Homogeneous or differentiated	Homogeneous	Product differentiation	Homogeneous or differentiated
3.	Price	Not uniform because of product differentiation	Uniform	Not uniform because of product differentiation	Not uniform because of product differentiation
4.	Entry of firms	Restricted through patent rights and related factors	Free entry	Not absolute freedom	Not possible
5.	Knowledge of market conditions	Imperfect knowledge	Perfect knowledge	Imperfect knowledge	Imperfect knowledge
6.	Mobility	Imperfect mobility	Perfect mobility	Imperfect mobility	Imperfect mobility

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