“Classification of markets is based on their characteristics”. Substantiate this statement with reference to Monopoly and Oligopoly market structures.

The classification of markets in Managerial Economics is fundamentally based on specific characteristics that influence pricing strategies, competition level, consumer choices, and the decision-making environment for firms. These characteristics include the number of sellers and buyers, nature of the product, ease of entry and exit, degree of price control, and availability of information. Among various types of market structures, monopoly and oligopoly serve as two critical contrasts in market classification, each having distinct characteristics that affect managerial decisions.

In a monopoly, there is a single seller or firm that dominates the entire market. This firm produces a unique product or service for which there are no close substitutes, giving it substantial market power. The most defining characteristic of a monopoly is the complete absence of competition. Entry into the _______ ________ ____ ________ __________.
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