One of the Main Differences Between an Oligopoly and a Monopolistically

question 114

Multiple Choice

One of the main differences between an oligopoly and a monopolistically competitive firm is that a monopolistically competitive firm

• A)Faces a horizontal demand curve;an oligopoly does not.
• B)Is relatively independent;an oligopoly is interdependent.
• C)Has no market power;an oligopoly has some market power.

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Definitions:

Alfred T. Mahan

A United States naval officer and historian whose theories on the importance of sea power influenced naval strategies around the world in the late 19th and early 20th centuries.

Navy

A navy consists of the branch of a nation's armed forces principally designated for naval and amphibious warfare; namely, lake-borne, riverine, littoral, or ocean-borne combat operations and related functions.

Raw Materials

Unprocessed or minimally processed substances that are used to manufacture goods or products.

American Commerce

Refers to the trade, business practices, and economic transactions both within and conducted by the United States with other countries.