Few sellers, selling the homogeneous or differentiated products is the character of ______________

🔑 Key Points
🏢 Oligopoly Market
→ It is characterized by few sellers, selling homogeneous or differentiated products.
→ Its structure lies between pure monopoly and monopolistic competition, where few sellers dominate the market and have control over the price of the product.
→ Characteristics of an oligopoly industry are:
→ Few sellers: There are just several sellers who control all or most of the sales in the industry.
→ Barriers to entry: It is difficult to enter an oligopoly industry and compete as a small start-up company.
→ Interdependence.
→ Prevalent advertising.

📝 Additional Information
📉 Perfect Competition
→ A market where an infinite number of sellers sell homogeneous goods to an infinite number of buyers, and buyers and sellers have perfect knowledge of market conditions.

🏢 Monopoly
→ It is the market where only one firm (seller) is in the market.
→ A unique product is sold.
→ Barriers to entry exist, which preclude the possibility of new firms entering the market even if the monopolist is making supernormal profits.
→ Two types: Single priced and price-discriminating monopolists.