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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Oligopoly is a market structure characterized by a small number of relatively large firms that dominate an industry. The market can be dominated by as few as two firms or as many
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