In two to three sentences, explain the similarities between monopolistic competition and oligopoly.

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sophia97 sophia97

06-04-2017
Social Studies

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In two to three sentences, explain the similarities between monopolistic competition and oligopoly.

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WesternHills WesternHills · Answer 1 · 2017-04-13T19:00:40+02:00

Monopolistic is when there are a large number of sellers who make differentiated (but not identical) products. Differentiated products are goods and services that are slightly different from one another.
Oligopolies are market structures with few sellers. They can sell identical (or almost identical) products, as in the steel industry. Oligopolies can also sell differentiated products, as in the car industry.

pybrothepyro4 pybrothepyro4 · Answer 2 · 2022-05-27T16:17:05+02:00

Answer:

When a large number of sellers produce distinct (but not identical) products, it is said to be monopolistic. Differentiated products are goods and services that differ from one another by a small margin.

Market structures with few sellers are known as oligopolies. As in the steel sector, they can sell identical (or nearly identical) products. As in the automobile business, oligopolies can also sell differentiated products.

Explanation:

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