Economics markets......

User Generated

gq4422

Economics

Description

What are and give some real-life examples of monopolistically competitive, oligopoly, and monopoly markets?

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Explanation & Answer

OLIGOPOLY - Only few sellers in a specific economy who controls a specific commodity. Examples - Mobile networking providing companies in India such as BSNL, Airtel, Reliance 

Monopoly - A whole market dominated by only one seller. Cable television providers facing no competition. 

Monopolistic Competition - Lots of sellers selling similar products, but they do not differ from their price and ingredients. Food Items are good example of that.



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