As per the definition i found in the internet,
- Oligopoly, in which a market is run by a small number of firms that together control the majority of the market share.
- Monopoly, where there is only one provider of a product or service.
Consider this situation in a country.
There are 4 main bus operators in this country. A,B,C and D and some individual bus owners.
The bus fare is controlled by a national body. Some particular bus owners who has AC installed in the bus, charges a 0.2$ extra per route.
In the above scenario in what classification would you put the transport sector of this country. Is it a monopoly as the price is regulated by a single body? or is it an oligopoly as the market share is dominated by these four main company.
Further more for my upcoming exam if I get a question on Market structure of this country transport system how can I elaborate?