What is monopoly duopoly and oligopoly?

Monopoly is a form of market structure of imperfect competition mainly characterized by the existence of a sole seller and many buyers. This type of market is associated with entry and exit barriers.

Duopoly, A type of oligopoly. This kind of imperfect competition is characterized by having only two firms in the market producing homogeneous goods. Oligopolies are structured by analyzing duopolies.

Oligopoly- considered as half way between two extremes, perfect competition and monopolies. This kind of imperfect competition is characterized by having a scarce amount of firms, but always more than one, but produce homogeneous goods. Due to the small number of firms in the market, the strategies between firms will be interdependent, thus, implying that the profits of an oligopolistic firm will highly depend on their competitors actions.

Salim Ali Al Shedi