Question

What are some of the characteristic of monopolistic competition and oligopoly?

What are some of the characteristic of monopolistic competition and oligopoly?

Homework Answers

Answer #1

Monopolistic competition

1) There are large number of buyers and sellers.

2) In monopolistic competition, there is free entry and exit of firms meaning firms are free to enter kr exit the Market

3)There is product differentiation meaning the buyers of the product differentiate the product with other.

4) Under monopolistic competition, demand curve is more elasti. In order to sell more firm has to reduce the price.

Oligopoly characteristics

1) Under the Oligopoly market, the sellers are few, and the customers are many.

2) there is a complete interdependence among the sellers with respect to their price-output policies.

3) The firms can exit the industry whenever it wants, but has to face barriers to entering into it.

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