Short run-same as monopoly

Long run-same as PC, but the average revenue and marginal revenue differ

Exam: Patanjali Products (short run profit due to different advertisement

style but in long run normal profit)
Oligopoly (Chapter 11)

Two types- Non collusive or no-collusion among firms (exm, coca-cola or pepsi,
competition in terms of setting quantity or setting price)

Collusive or collusion among firm, setting market leader (in case of steel industry
TATA company, banking its SBI, mobile- SAMSUNG, formulating cartel,
following price of market leader firm or the firm selling with less price)