Why Are the Actions of Firms Interdependent in an Oligopoly

question 93

Essay

Why are the actions of firms interdependent in an oligopoly market but not in a monopolistically competitive market?

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Definitions:

Catgut

A type of cord made from the natural fibres of an animal's intestines, commonly used in the past for musical instrument strings and surgical sutures.

Innovators

Individuals or companies that introduce new products, services, or methods, often opening up new markets or changing existing ones.

Types Of Innovation

The categorization of new developments or improvements in products, processes, marketing, or organizational methods, including incremental, radical, disruptive, and architectural innovation.