At its most simplistic definition, it is easy to understand that a monopoly is the name given to a circumstance with one seller and many buyers. Then the simple theory of supply and demand is that of a market with many sellers and many buyers. An oligopoly, on the other hand, is more than one seller, but less than many sellers. It is only logical, therefore, to ask, "What is many?" What, for example, happens …
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showed last 75 words of 753 total
…of anti-trust are rightfully presented. An oligopoly is a hybrid market structure that walks a fine line in the regulatory ground. As such, it also presents a much greater realm of possibilities by which it can be regulated, as well as criticized. References: Bhuyan, Sanjib; Lopez, Rigoberto A., "Oligopoly power in the food and tobacco industries.," American Journal of Agricultural Economics, 08-01-97, v.79, pp. 1035-1039. Hirschey, Mark. "Managerial Economics." 10th edition, (2003): pp. 378-408, 420-458.