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    Comparing different market structures

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    Address the differences between monopolies, monopolistic competitions, and oligopolies.

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    Solution Preview

    Please refer attached file for solution in tabular form.

    Market Characteristics

    1. Number of firms/size of firms
    Monopolistic Competition: Market structure is characterized by large number of relatively small firms
    Oligopoly: Oligopoly has small number of relatively large firms
    Monopoly: There is only one firm in this case

    2. Product
    Monopolistic Competition: Many real or ...

    Solution Summary

    Solution compares the characteristics of monopolies, monopolistic competition and oligopolies.