One Difference Between Oligopoly and Monopolistic Competition Is That

question 19

Multiple Choice

One difference between oligopoly and monopolistic competition is that

• A) a monopolistically competitive industry has fewer firms.
• B) in monopolistic competition, the products are identical.
• C) monopolistic competition has barriers to entry.
• D) fewer firms compete in oligopoly than in monopolistic competition.

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Definitions:

Equilibrium Price

The market price at which the quantity demanded of a good equals the quantity supplied, leading to market balance.

Video Game Discs

Physical media used for storing video game content for use on consoles and computers.

Excess Supply

Excess Supply, also known as surplus, occurs when the quantity supplied of a good exceeds the quantity demanded at the current price.

Unregulated

Activities or industries that operate without governmental control or oversight.