Terms such as monopoly, oligopoly and competition get thrown around a lot but how many people understand let's say the difference between a monopoly and an oligopoly?

Through today's animation, I've defined monopolies and oligopolies as well as tried to compare a monopoly situation to an oligopoly one and, of course, to (perfect or imperfect) competition.

After watching this video, it will be clear what a monopoly is, what an oligopoly is and what the main differences between monopolies, oligopolies and competition are.

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