Monopoly or Oligopoly? Version en ligne Do you know the characteristics of each market? par patrick livingstone 1 Monopoly key features 2 Oligopoly key features One supplier in market Unique product with higher price High barriers to entry stop ANY new firms entering the market This market structure has the biggest economies of scale, especially a natural monopoly. This firm because of its domestic dominance can compete internationally with other large firms. Few firms dominate the market Prices are rigidly high as firms do not compete on price Firms in this market collude on prices and output to boost everyone's profits. Firms are interdependent which means they monitor each others prices and decisions. There is an element of choice in this market although products are very similar
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