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A duopoly is a market in which only two businesses offer products that are similar but not identical. Both the organizations have enormous market power and can impact the market cost and amount.
What is an example of duopoly?
A duopoly is a situation in which two competing businesses dominate a particular market segment for a product or service they offer. A duopoly, for instance, is made up of Coca-Cola and Pepsi because they control nearly the entire market for cola beverages.
What are oligopoly and duopoly?
A market with only one producer is a monopoly, a market with two firms is a duopoly, and a market with two or more firms is an oligopoly. An oligopoly's number of firms cannot be precisely determined, but it must be low enough that one firm's actions have a significant impact on those of the others.
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