Monopolistic Competition and Oligopoly
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Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
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Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
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This is due to the fact that one cereal company produces many different types of cereals so while there are many choices, no matter what choice a consumer picks, the same company profits and when a ...
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