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Monopolies, Monopolistic Competitions, and Oligopolies

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Three market structures were introduced in this unit, and all three possess similarities and differences. Address the differences between monopolies, monopolistic competitions, and oligopolies.

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Solution Summary

This solution contrasts three market structures: monopolies, monopolistic competitions, and oligopolies.

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While there are some similarities between monopolies, monopolistic competitions and oligopolies, there are also several differences between the three. For example, both monopolies and oligopolies have high barriers to entry while there are no major barriers to entry or exit in monopolistic competitions and firms are free to enter or leave the market.

Another difference between these market structures is the number of firms operating ...

Solution provided by:
Rachel Kozicki, PhD (IP)
Education
  • BA, Ashford University
  • MBA, Ashford University
  • Post-Master's Certificate, Northcentral University
  • PhD (IP), Northcentral University
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