Question

In two to three sentences, explain the similarities between monopolistic competition and oligopoly.

Answer 1

Answer:

The similarities between oligopoly and monopoly competition are:

They both exhibit imperfect competition in that oligopoly has few sellers while monopoly has many sellers.

Firms have some level of control over prices in both competitive structures

Answer 2

Explanation:

The similarities between oligopoly and monopoly competition are: They both exhibit imperfect competition in that oligopoly has few sellers while monopoly has many sellers. Firms have some level of control over prices in both competitive structures.The monopoly firm is the industry. On the contrary, there are many firms in monopolistic competition and industry is called a group. (3) Only a single product is produced under monopoly and there is no product differentiation. Under monopolistic competition, every producer produces differentiated products.