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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

How are oligopoly and monopolistic competition alike? How are they different?

To determine

Explain the oligopoly and monopolistic competition that are alike and different from each other.

Explanation

The oligopoly firm and monopolistic competition are alike in the market structure of output decision, pricing decision, and selling products. In oligopoly and monopolistic competition, both produce output to maximize where the marginal cost equals to the marginal revenue, both firms have control over price, and both are selling similar products.

The oligopoly and monopolistic competition is different in their number of firms, entry and exit of the marker, control over market, and interdependence...

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