In your responses, comment on at least two posts from your peers by providing examples from the news of oligopolistic markets. Compare and contrast with examples of monopolistic competitive markets.

What are the mainfeatures of an oligopolistic market? There are three main characteristics of an oligopolistic market. The first feature is that there only a few sellers of the product or service. This allows for higher prices and higher profits for the sellers. The second feature is the level of difficulty to enter the market. With a small amount of sellers of such a tight market, it can be easy for a new small-business to fail. The third feature is freedom and independence when making business decisions, including prices. If a new small-business has prices lower than the other sellers, they will lose profits and most likely not survive. If the new small-business has higher prices than the other sellers, buyers will go elsewhere.

How do oligopolies set theirprices? According to https://www.investopedia.com, "Firms in an oligopoly set prices, whether collectively-in a cartel-or under the leadership of one firm, rather than taking prices from the market."

Explain how you candistinguish a firm in an oligopolistic market from one in a monopolistic competitive market. Provide examples to illustrate. A monopolistic competitive market has only one seller of a certain product. Although there may be other sellers of similar products, the products of other sellers are not the exact product. There are differences in the products being sold. In an oligopolistic market, there are multiple sellers of the same product, but the number of sellers is very small. There may be only one other seller in some circumstances. In an oligopolistic market, prices are established anr mostly universal across the board.