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

Brandon Scott

in Social studies

1 answer

1 answer

Ashley Howard on September 8, 2018

A monopoly is when there are a large number of sellers who make differentiated (but not identical) products. The differentiation of products are the goods and services that are slightly different from each other.Oligopolies are market structures with a few vendors. You may sell identical or nearly identical) products, as in the steel industry. Oligopolies can also sell differentiated products, as in the automobile industry.

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