Which of the following best states the main difference between a monopoly and an oligopoly?
A:Monopolies have a slightly lower level of market concentration than oligopolies.
B:Neither a monopoly nor an oligopoly presents significant barriers to entering the industry.
C:Oligopolies involve more than one company while monopolies involve only one.
D:Both monopolies and oligopolies involve a very low level of competition.

C:Oligopolies involve more than one company while monopolies involve only one.

Explanation:

A monopoly is a market structure with one supplier serving a very large market. In a monopoly, a single firm sells to many buyers. The product or service offered by a monopoly has no close substitutes. Customers have no choice but to buy from the only firm providing the product or service. Monopolies may result from government policy or very restrictive barriers of entry.

An oligopoly is a market structure where very few firms dominated the market . It when four or five firms control the majority market share of a very large market. There could be other firms with very little market share. Firms in an oligopoly market may sell homogeneous or differentiated products. The few firms dominating the industry collaborate to profit from the market.

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