Question

what is the difference between a monopoly and an oligopoly

Answer 1

Answer:

Explanation:

A monopoly contains a single firm that produces goods with no substitute while an oligopoly market has a small number of relatively large firms that produce similar but slightly varient products.

Answer 2

monopoly contains a single firm that produces goods with no close substitute, while an oligopoly market has a small number of relatively large firms that produce similar but slightly different products. In both cases, there are significant barriers to entry for other enterprises.