Differentiate between an oligopoly and a monopolistic competition on the basis of the number of firms and the degree of product differentiation
What will be an ideal response?
There are fewer firms in an oligopoly market than in monopolistic competition. There are two categories of oligopoly on the basis of the degree of product differentiation—oligopoly with homogeneous products and oligopoly with differentiated products. All firms in a monopolistic competition produce differentiated products.
You might also like to view...
Suppose that to move more people off the wait list for organ donations, surgeons and hospitals are developing a market for organ swapping. This is an example of a macroeconomics topic
Indicate whether the statement is true or false
A countervailing duty is a tariff that is levied to counteract
A) the dumping of goods in the domestic market by foreign firms. B) a sudden surge of imports which hurt a domestic industry. C) subsidies given to foreign firms by their own governments. D) the tariff on domestic goods that are enacted by foreign governments. E) low prices for imported goods that are made in countries with low wages.