Difference between Oligopoly and Monopolistic Competition?

Answer

The major difference between oligopoly and monopolistic competition is the size and number of competing firms. Oligopoly refers to large firms having small number of competitors while monopolistic competition is small firms with large number of competitors. Another difference between the two is that oligopoly has barriers to entry and exit in the market or industry, while monopolistic competition has freedom for entry and exit of industries.
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An oligopoly market has few large firms dominate. Whereas monopolis...
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The first, and perhaps least important, is the difference in the type of product that they make. An oligopoly can produce either a homogeneous product or a differentiated product
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A monopoly has only one seller in the market. Entry into the market is restricted due to high costs. A producer in a monopoly can also control price. Oligopolies have a few firms
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Oligopoly is distinguished from monopolistic competition by being composed of few firms (not many); by being mutually interdependent with regard to price (instead of control within
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