What context can I use each word in?
Learn when and how to use these words with these examples!
oligopoly
Example
The airline industry is an example of an oligopoly, with a few major players dominating the market. [oligopoly: noun]
Example
In an oligopoly, firms can collude to set prices and limit competition. [oligopoly: verb]
monopoly
Example
The electric company in this town has a monopoly on providing electricity. [monopoly: noun]
Example
If a company has a monopoly, it can charge high prices without fear of competition. [monopoly: verb]
Good things to know
Which word is more common?
Monopoly is a more common term than oligopoly in everyday language, as it is a more extreme and well-known concept. However, both terms are important in economics and business studies.
Whatโs the difference in the tone of formality between oligopoly and monopoly?
Both oligopoly and monopoly are formal terms used in academic and professional contexts, rather than casual conversation.
