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Microeconomics

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Камелия Николова
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Difference between Monopoly and Oligopoly
Monopoly and an oligopoly are economic market structures where there is imperfect competition in the market. A monopoly market contains a single firm that produces goods with no close substitute, with significant barriers to entry of other firms. An oligopoly market has a small number of relatively large firms that produce similar but slightly different products. A monopoly draws power from the fact that it is the only viable seller of the product in the industry.
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