Asked by Ellen Likens on Jun 28, 2024
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Oligopoly is characterized by a few sellers offering similar products, whereas monopolistic competition is characterized by many sellers offering differentiated products.
Oligopoly
A market structure characterized by a small number of firms dominating the market, often leading to limited competition.
Monopolistic Competition
A market structure characterized by many firms offering products or services that are similar but not perfect substitutes, leading to each firm having some market power.
Differentiated Products
Goods or services that are distinguished from others based on quality, features, or brand, making them non-identical and often allowing for market power.
- Differentiate among monopolistic competition, oligopoly, and perfect competition in terms of the number of market participants and the type of products offered.
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Learning Objectives
- Differentiate among monopolistic competition, oligopoly, and perfect competition in terms of the number of market participants and the type of products offered.
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