Difference between monopoly, monopolistic , perfect competition, oligopoly
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monopoly is the exclusive possession or control of the supply of or trade in a commodity or service.
monopolistic is relating to a person or business that has exclusive possession or control of the supply of or trade in a commodity or service.
oligopoly is a state of limited competition, in which a market is shared by a small number of producers or sellers.
perfect competition is the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
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