MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 15, Problem 1QE
To determine

Distinguish oligopoly from monopoly competition.

Expert Solution & Answer
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Explanation of Solution

According to the monopolistic competition, the firms are independent because there are many firms in a monopolistic market, while the oligopoly market has only a few firms in the market. This makes the firms to take interdependently their strategic decisions. In an oligopolist market, the firms are a part of a price war.

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