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Economics Revision
Economics Revision
2- Monopoly
A competition by which one seller control the supply of goods and service
Characteristics
a- Single seller
b- No substitute
c- Monopolist control the price
d- Protected by entry barrier
3- Oligopoly
Exist when an industry dominated by few supplier that have some control
over price
Characteristics
a- Few sellers
b- Capital cost is high
c- product differentiation
d- non price competition
e- interdependence ( cartel )
4- Monopolistic
Characteristics
a- Number of sellers
b- Relatively easy entry
c- Differentiated product
d- Non price competition
e- Small control over price