Differentiate between monopolistic competition and duopoly.
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A monopoly contains a single firm that produces goods with no close substitute, while an oligopoly market has a small number of relatively large firms that produce similar, but slightly different products. In both cases, there are significant barriers to entry for other enterprises.
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However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. ... Many or Few: The primary difference between oligopoly and monopolistic competition is the relative size and the market control of each firm based on the number of competitors in the market.
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