A market situation where a small number of sellers compose the entire industry is called an oligopoly. The market is a closed system where a small number of sellers and buyers act as the whole industry. The existence of a market oligopoly is a sign of a competitive or monopoly system where a small number of buyers and sellers dominate the market. It is usually for this reason that the term monopoly is used, as monopolies have a larger number of buyers and sellers.
The term monopoly is derived from the Greek mógos, meaning “little people.” The term monopoly was first used by Milton Friedman in his classic, “The Causes of Inflation”, published in 1966. In it, he claimed that the rise of the price of wheat was due to the small number of people who made up the price of wheat in the late 1800s compared to the number of people who were buying it in the early 1900s.
This is because the price of wheat has been historically high due to the small number of people who were buying it. The number of buyers is small because they either are the small number of people who buy wheat (small farmers) or the small number of people who are buying wheat (large industrial farmers). Small farmers are usually very small in size because they tend to eat a lot of cereals at the end of each year.
The point is that as a market, the bigger the price of wheat, the lower the price of wheat. By contrast, a small price of wheat is equal to the price of wheat.
The market situation where a small number of sellers compose the entire industry is called monopolistic competition. It’s one of those things that people who don’t understand the basics of economics will say it exists in business. But a small number of people who don’t understand the basics of economics are usually wrong.
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Some people might think that monopolistic competition is the same as monopoly, but that is not true. Monopoly is a form of competition that exists where the seller has a complete monopoly over the market. In monopolistic competition, there is no choice. So for example, when there is a small number of sellers of a product, there are only a few customers in the market who can buy a certain product. This means there is no competition and therefore no price competition.
Although it is a term used to describe a society where sellers have complete control of the market, it is also used to describe a society where sellers don’t have complete control of the market. For example, in the early 20th century, some sellers of coffee were trying to control the market by making it more expensive to purchase coffee at a certain price. So, in the early 20th century, they were called coffee monopolists.