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Question
Give three differences between Perfect Competition Market and Oligopoly market.
Distinguish Between
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Solution
| Sr. No. | Basis | Perfect Competition | Oligopoly Market |
| 1. | Number of sellers | A large number of sellers operate in the market. | Only a few large firms dominate the market. |
| 2. | Product differentiation | Products offered are identical or homogeneous. | Products differ in terms of quality, colour, branding, or other features. |
| 3. | Pricing power | Firms do not have control over prices and act as price takers. | Firms enjoy considerable control over pricing and act as price makers. |
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2024-2025 (March) Official Board
