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Question
In what respects does oligopoly differ from monopoly?
Solution
| S. No. | Basis | Oligopoly | Monopoly |
| 1. | No. of sellers | There are few large sellers producing a commodity. | There is only a single seller in the market. |
| 2. | Entry of new firms | Entry of new firms is difficult. | Entry of new firms is restricted. |
| 3. | Demand curve | Demand curve is indeterminate. | Demand curve faced by a monopoly firm is less elastic. |
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