as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
describe the difference between a monopoly and an oligopoly
user
a monopoly is when one party has exclusive control over the production or sale of a given product, allowing them to set the price of goods and services without competition. an oligopoly is when a small number of firms control most of the market share, allowing them to collude and set prices in your favor. monopolies are often illegal, while oligopolies are typically not.
assistant