Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter24: Monopolistic Competition, Oligopoly, And Game Theory
Section: Chapter Questions
Problem 12QP
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types of products in
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Step 1
There is only one type of product in monopoly market. Also there is no close substitute to this product which is unique in this category.
In case of oligopoly types of products are fairly similar that is policy of one firm majorly affects the policy of other firms.
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