What is Monopoly?

Monopoly Definition Monopoly, in economics, implies presence of a single supplier or producer of a product. ‘Mono’ means single and ‘Poly’ means supplier. Thus, monopoly, is a market structure characterized by a single supplier of a commodity which doesn’t have close substitutes. Since there is a single producer and there is lack of competition, the … Read more

What is Oligopoly?


Oligopoly Meaning Oligopoly is a market space where only few sellers or producers exist. Oligopoly mostly happens in those markets where goods are broadly the same and provide similar benefit to consumers. Since products offered by these producers are broadly the same, if one firm raises price, they would risk losing market share to the … Read more