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explain what is the difference between firms in monopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter15: Oligopoly And Strategic Behavior

Section: Chapter Questions

Problem 6P

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explain what is the difference between firms in
monopolistic competition and firms in oligopoly. What
does this difference mean for prices and quantities and
for economic profit?

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