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30 September, 19:57

In contrast to both perfect competition and monopolistic competition, an oligopoly market structure is characterized by:

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  1. 30 September, 20:52
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    An oligopoly market structure is characterized by competitively small number of big businesses that generate similar products but differ to a slight degree, and cannot restrict other businesses from having a significant influence.

    Explanation:

    While a perfect competition market structure consists of many businesses with no particular business in complete control of prices and supplies, and a monopolistic competition market structure consists of many businesses with only one business in complete control of prices and supplies, an oligopoly market structure is characterized by competitively small number of big businesses that generate similar products but differ to a slight degree, and cannot restrict other businesses from having a significant influence.
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