• Types of markets: Monopolies, Oligopolies and Perfect Competition

    Economics

    Inyang Umoh (tutor)
    17-02-2016 08:12:00 +0000

    We 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?



    0 15 0