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Difference Between Oligopoly and Monopolistic Competition

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Length: 378 words (1.1 double-spaced pages)
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Difference Between Oligopoly and Monopolistic Competition

An oligopoly market structure is one in which there are a few large
producers who are present in the industry and account for most of the
output in the industry, there are many small firms but these few large
firms dominate and have concentrated market shares.

Whereas monopolistic competition is a market structure that has a
large number of sellers, each of which is relatively small and posse a
very small market share.

Another feature of an oligopoly is that there are some barriers to
entry and exit into the industry. In the short run, oligopolies are
able to earn abnormal profit, but in the long run as well they are
able to sustain abnormal profits due to the barriers to entry and
exit.

The barriers act as a strong deterrent to firms that want to come into
the industry and " eat into" the abnormal profits and then exit the
industry. Thus not many firms dare to venture into the industry;
therefore oligopolies can earn abnormal profits in the long run as
...

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