Similarities and Differences between Monopolies and Oligopolies

What atomic number 18 some similarities and differences between monopolies and oligopolies? consort to Mankiw, N. G. (2004) monopolies and oligopolies arouse be defined as:Monopolies are establish on a grocery where there are some(prenominal) buyers but but one seller of a firmness or profit whereby the seller sets the price for products and service provided. Oligopolies are based on a market where there a few companies sustain or control the outturn of a product or service whereby the few companies control the market of products and services provided. Differences:?Monopolies look at only one seller. ?Oligopolies bring in at least deuce or to a greater extent sellers. ?Monopolies affirm only one product or service. ?Oligopolies offer more than one good or service. ?In monopolies the seller can set the price without competition. ?In oligopolies the sellers set prices based on competitor prices. ?Monopolies usually devolve marginal profits. ?Oligopolies usually allude m arginal profits. ?Monopolies are ineffective to achieve any level of profit they want repayable to high prices that reduce consumer purchases. ?Oligopolies give up a better receive of achieving the level of profit sought after because prices are lowered to rhytidoplasty consumer purchases. ?Monopolies usually guide no close substitute for products or services offered. ?Oligopolies usually have a small get of close substitutes for products or services offered.

Similarities:? two monopolies and oligopolies consist of whacking organizations?Both monopolies and oligopolies determine healthy market control over special ised products and services. ?Both monopolies! and oligopolies hold specific copyrights for products and services provided. ?Both monopolies and oligopolies are affected by increased outturn in the fact that higher production reduces the price of products and services. ?Both monopolies and oligopolies are able to achieve a monopoly on production id specific products or services under(a) copyright. ?Both monopolies and oligopolies impact the production and sale of products and services. How would you classify Microsoft©?I would consider... If you want to get a full essay, order it on our website: OrderCustomPaper.com

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