In Economics, people learn about monopolies, oligopolies and how they work. Monopolies and oligopolies are not only different in many ways, but also have some similarities. Monopoly is defined by the dominance of a single seller in the market; Oligopoly is an economic situation in which a certain number of sellers populate or add to the market. Both revolve around supply and demand. Supply and demand mean the product, or service available and the desire of buyers, considered as factors that regulate its price. Consumers do not always know the similarities and differences between monopoly and oligopoly. There are many differences between monopolies and oligopolies, for example their characteristics, the methods of entry or the difficulties of joining the company and the different prices. Monopoly is the structure where there is a single seller of products with no close substitutes, so the single seller can have a lot of market power. A monopoly can be recognized by some characteristics that make it different from other markets. Monopolies can maximize profits, they can decide the prices of goods or products sold, and they can ensure that other sellers are unable to enter the monopoly's market. It is difficult to enter due to technology, patents and government regulation when oligopoly is difficult. enter because of the economic scale. Overall, they are both businesses, but monopoly is a single business and oligopoly has a limited number of businesses. The monopoly can set its prices on anything and the oligopoly must have fair prices due to competition. There are many differences but not similarities. Oligopoly is a growing business and monopoly remains the same. The reason I contrasted these two things was so people could know which markets they are using. The number one oligopolistic company is Wal-Mart and it is always in competition with a few other majors