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Types of markets: Monopolies, Oligopolies and Perfect Competition
Economics
Inyang Umoh (tutor)
17-02-2016 08:12:00 +0000We had previously discussed the concept of Perfect Competition. With perfect competition, there are many buyers and sellers in the market. Each buyer and seller is so small that they cannot affect the prices in the market.
There are other types of market structures such as monopolies and oligopolies.
A monopoly is a type of market where there is only one supplier and a oligopoly is a market where there are only a small number of suppliers.
Can you provide an example of a oligopoly and a monopoly in Nigeria?
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Balogun Hammed
dangote is not a monopoly no be only him supplying cement
0 20-02-2016 19:36:00 +0000
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Inyang Umoh (tutor)
@balogun is correct. MNT, Glo, Dangote, Niger Mills are all examples of oligopolies. In those markets there are only a few suppliers. An example of a monopoly in Nigeria is PHCN. They are the only place you can buy your electricity in Nigeria
0 20-02-2016 21:34:00 +0000
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