Can anyone explain to me the difference between a monopoly and oligopoly in simple terms please. thanxxxxx?

Answer 1

Mono is one. Monopoly - one big company in the market, so the ultimate in command over that market.

oligopoly - a few big companies control the market, so slightly less that absolute power, but still able to do as they please. As it is easy for a few companies to get together and come to agreement, they can end up acting exactly like a monopoly.

Answer 2

Monopoly - a single supplier of a good of service. This situation is dangerous in the free market becuase price control is in the hands of the supplier with little influence from consumers.
Ogliopoly - an established partnership between multiple organizations that have exclusive control over a good or service. These outfits pose the same risks as the monopoly.
Both situations are subject to regulation in the United States under the Anti-Trust laws aimed to ensure the balance of power beteen buyers and sellers is in tact.