This condition is referredas imperfect competition.
Barriers to entry are the factors that make it difficult for new firms to enter an industry, which lead to imperfect competition. Mostly commonly known barriers of entry areeconomies of scale, legal restrictions, high cost of entry and advertising and productdifferentiation... displayed 300 characters
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Monopoly where single seller has control over the industry and no other firmexists producing a close substitute. True monopolies are rare in the present situation.
2. Monopolistic competition where a large number of sellers exist sellingdifferentiated products
3. Oligopoly is an intermediate form of imperfect competition in which only afew sellers exist in the market with each offering a product similar or identicalto the others... displayed 300 characters
