Monopolistic competition and oligopoly are types of imperfectly competitive markets where firms have a small impact on prices. These markets involve differentiated products and a small number of dominating firms.
Monopolistic competition is the type of market that exists when there are many buyers and sellers, each having a small impact on the market price and output. In this market structure, firms sell differentiated products and compete against each other, such as the example of various clothing stores in a shopping mall.
Oligopoly is another type of imperfectly competitive market where a small number of firms dominate the industry. Examples include Boeing and Airbus in the commercial aircraft industry or Coca-Cola and Pepsi in the soft drink industry.
Imperfectly competitive markets like monopolistic competition and oligopoly have characteristics that set them apart from perfect competition and monopoly, impacting pricing strategies and market dynamics.
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