Learn the difference between a monopoly and an oligopoly, both being economic market structures where there is imperfect competition in the market.

Monopolistic competition features many businesses offering similar, differentiated products. This market structure benefits both consumers with varied choices and businesses via low entry barriers.

Paul Blacklow is affiliated with Economic Society of Australia. This article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics ...

Explore the main factors affecting competition in microeconomics, including product differentiation, barriers to entry, and the role of market structures.