A monopoly is a market situation in which there is only one seller for a particular product. The entry for the new entrants is highly restricted to enter the market. There are no close substitutes in the monopoly market.
An oligopoly is the market situation which is dominated by the small number of sellers. There are no barriers to entry and exit for the firms. There exists the price rigidity. There is lack of uniformity in the size of the firms.
|Definition (www.oxforddictionaries.com)||The exclusive possession or control of the supply of or trade in a commodity or service||A state of limited competition, in which a market is shared by a small number of producers or sellers.|
|Characteristics/Features||Its features are:
||Its features are:
|Synonyms||Ownership, holding, trust, cartel, patent||Proprietorship, syndicate, consortium, corner, pool|
|Antonyms||Joint-ownership, sharing, scattering, distribution||Joint-ownership, sharing, scattering, distribution|
|Types||Its types are:
||Its types are:
|Word origin||It was originated in the Mid-16th century: via Latin from Greek monopōlion, from monos ‘single’ + pōlein ‘sell’.||It was originated in the Late 19th century: from oligo- ‘small number’, on the pattern of monopoly.|
|Advantages/Benefits||Its advantages are:
||Its advantages are:
|Disadvantages||Its disadvantages are:
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