Imperfect Competition
Economics Revision Article Series
Authors
Between monopoly and perfect competition lies imperfect competition in the market.
Duopoly is situation where two sellers are in the market.
Oligopoly is a market dominated by few firms.
Oligopolies occur due to legal restrictions like quotas, patents which are to be licensed and product differentation.
Some characterization of Oligopoply
Collusive oligopoly
Dominant firm oligopoly
Monopolistics competition
There are many firms but they sell dissimilar products.
References
Paul Samuelson and William D. Nordhaus, Economics, 13th Edition, McGraw-Hill, 1989
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