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explain what is the difference between firms in monopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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explain what is the difference between firms in
monopolistic competition and firms in oligopoly. What
does this difference mean for prices and quantities and
for economic profit?

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