Final answer:
The statement is false; monopolistic competition offers many firms with differentiated products and low entry barriers, whereas oligopolies consist of a few dominant firms with high barriers to entry, making each unique in competitiveness.
Step-by-step explanation:
The statement that a monopolistic competition market structure is less competitive than an oligopoly market structure is false. Monopolistic competition is characterized by many firms that produce slightly differentiated products and has low barriers to entry which keeps it competitive in the long run as firms do not earn economic profits.
In contrast, oligopolies are markets with only a few dominating firms, high barriers to entry, and strategic dependency between firms for output and pricing decisions. Despite both being imperfectly competitive market structures, their competitive levels are not directly comparable due to the differences in their characteristics.