A duopoly is a form of oligopoly where only two firms dominate the entire market. This market structure can lead to unique competitive behaviors and economic outcomes. The two dominant firms may collaborate or compete aggressively, impacting market prices, output, and overall industry dynamics.
An oligopoly is a market structure characterized by a small number of large firms dominating the market. This structure lies between perfect competition and monopoly and encompasses industries like automobiles, airlines, and telecommunications.
