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A monopoly is a market which has only one firm, the firm has market power, and there are barriers to entry. The long run profits for a monopolist may be greater than zero. Monopolistic competition is more closely related to perfect competition than monopoly. In monopolistic competition, there are many firms in the market. However, each firm has product differentiation. An example of monopolistic competition would be the jeans industry. There are many different types/quality of jeans e.g. True Religion, Levi's and Lee's. Products are somewhat differentiated, but, as in perfect competition, the long run profit = 0. Oligopoly is a market in which there are only a few firms, each firm has market power, and there is much product differentiation between the firms. The long-run profit of oligopoly can be greater than zero, because there are barriers to entry in the market.
What else can I help you with?
Is Water and sewer service a Monopolistic competition?
No it is Monopoly.
Different types of market structure?
monopoly,perfect competition,monopolistic competition,
What are the three types of market structure with imperfect competition?
Monopoly, Oligopoly, and monopolistic competition.
What are the four basic market models?
Pure competition, pure monopoly, monopolistic competition, and oligopoly.
Match the type of market structure with each example?
A. Pure competition Computer operating systems B.Near monopoly Fast food restaurants C. Monopolistic competition Online auctioning D. Oligopoly Car makers
Types of Market Competition?
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
Is Video rental stores Monopoly?
No it is Monopolistic competition.
Is Water and sewer service a Monopolistic competition?
No it is Monopoly.
What are three types of business competition?
Pure Competition Monopolistic Competition Oligopoly Monopoly
Different types of market structure?
monopoly,perfect competition,monopolistic competition,
What are the three types of market structure with imperfect competition?
Monopoly, Oligopoly, and monopolistic competition.
Analyze 4 types of competitive environments?
Monopoly, Oligopoly, pure competition and monopolistic competition
What are the four basic market models?
Pure competition, pure monopoly, monopolistic competition, and oligopoly.
Match the type of market structure with each example?
A. Pure competition Computer operating systems B.Near monopoly Fast food restaurants C. Monopolistic competition Online auctioning D. Oligopoly Car makers
What are the four types of economic competition?
pure or perfect, monopolistic, oligopoly, and monopoly
What best states the main difference between a monopoly and a monopolistic competition?
monoplistic competition involves slightly differentiated products while monoply involves a single product.
Is banking industry monopolistic competition?
Banks are competitive. This is why they spend so much on advertising. Monopoly and competition are opposites.
