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Visit Myhomeworkhelp.com and Learn the Vitalities of Monopolistic Competition and Oligopoly
Often timeโs homework determines whether the students are in a monopolistic competition or have an oligopoly over their peers with homework.In business, a monopolistic competition is a term where a large number of firms compete with similar products with a little differentiation, and an oligopoly is a term where a small group of firms competes on similar but slightly different products. Taking a monopolistic competition and oligopoly homework help could actually help in clarifying the difference.
The definition:
A monopolistic competition is a market condition where every company sells their products that are differentiated from one another in order to obviate the possibility of becoming the substitute. An oligopoly, on the other hand, is a market condition where only a certain number of firms operate on relatively similar but slightly differentiated products. As both the market conditions share a fine line of difference, it is advisable to take assistance from monopolistic competition and oligopoly assignment help.
Similarities between monopolistic competition and oligopoly
The similarities shared by both the market conditions could be comprehended by the following points:
Market Condition: both operate under imperfect market conditions. While the former can have any number of firms operating in the market, the latter has only a limited number of firms operating in the market.
Price determination: in both the market conditions, it is the firms that decide the price of the products.
Product kind: the firms operating in both the market conditions make similar products.
Differences between monopolistic competition and oligopoly
The differences shared by both the market conditions could be assessed by the following points:
Barrier to entry and exit:
The former shows zero barriers towards entry and exit in the market. The latter shows high barrier towards entry and exit in the market.
Number of operating firms:
The former can accommodate any number of firms while the latter is dominated by a limited number of firms.
Effect of price change:
There is little impact on the market if one firm in the former changes its prices; however, the same does not apply to the latter.
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