What is difference between monopoly and oligopoly?
A monopoly occurs when a single company that produces a product or service controls the market with no close substitute. In an oligopoly, two or more companies control the market, none of which can keep the others from having significant influence.
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The closest example of a monopoly in the U.S. is the power that runs to people's homes. Most households have a single provider for their electricity service, whether it's government-run or run by a corporation. By contrast, an oligopoly has at least three companies present in the market.