1)Homogeneous oligopoly exists where a small number of firms are.

2)Difference between monopoly and monopolistic competition?

1)A homogeneous oligopoly is a condition that occurs when a limited number of firms manufacture identical products that are uniform in price. In a homogeneous oligopoly, customers generally perceive the company's products as being fundamentally equal. There are several examples of homogeneous oligopolies including, gas and electric companies, sheet metal manufacturers, and cable television companies. A homogeneous oligopoly is not to be confused with a differentiated oligopoly, a condition in which a few firms manufacture products that are similar but not identical such as automobiles and soft drinks.

2)

In a monopoly, there is a single producer selling a unique product with no competition, while in monopolistic competition, there are several companies selling a differentiated product within a quasi-state of competition. For example, most of us can only get our electricity from one specific place (it is a monopoly), while we can get any type of tee-shirt (monopolistic competition) we desire.

Further differences include:

• In a monopoly, the producer has considerable control over price. In monopolistic competition, the producers have slight control over price.
• In a monopoly, there are many barriers to entry and exit. In monopolistic competition, the barriers to entry and exit are minimal.
• Products produced in an monopoly are inelastic due to a lack of substitutes. Products made in monopolistic competition are highly elastic due to available substitutes.
• Advertising is not a major concern in a monopoly. However, in a monopolistic competition, advertising is one of the major ways a company can distinguish its product.
• Monopolists do not have to maintain the greatest customer satisfaction. Companies in monopolistic competition must work hard to keep their customers.