What do you mean by monopoly and oligopoly ?

Dear student
Monopoly implies "the exclusive control over the supply or trade of any commodity or service".
It is a market structure having few large firms competing against each other the term "Oligopoly" is derived from Greek words 'Oligi' means few and'polein' means sellers
Example of Oligopoly
The Petroleum and Telecommunication markets ,The Automobile industry and Banks are the some examples of Oligopoly.

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Ans : Monopoly' : A market structure characterised by a single seller, selling a unique product in the market. In a monopoly market 
                               the seller faces no competition, as he is the sole seller of goods with no close substitute.

          Oligopoly  : An oligopoly is a market form with limited competition in which a few producers control the majority of the market share and
                               typically produce similar or homogenous products. Due to the small number of firms and lack of competition, this market
                               structure often allows for partnerships and collusion.

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