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To understand oligopoly AND monopolistic competition, you must first understand the obstacles to entry, replacement products, and current competitors.
What are they saying?
Monopolistically Competitive enterprises have two traits: one similar to a monopoly (a differentiated product gives it market strength) and the other to a competitive firm (freedom of entry and exit). A walk to the grocery shop reveals a sizable number of diverse products, such as toothpaste, laundry soap, morning cereal, and so on. This type of market structure is typical in market-based economies.
We then define the oligopoly market structure.
A market structure known as an oligopoly is one that has few firms and entrance restrictions.
Due to the interaction and interdependence of oligopolistic enterprises, oligopoly is an intriguing market structure. What one company does has an impact on the other.
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