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A monopolistically competitive market consists of __________ seller(s), an oligopoly consists of __________ seller(s), and a monopoly consists of one seller.

User Surfi
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Answer:

very many, few

Step-by-step explanation:

The monopolistic competition consists of many sellers offering differentiated products. There are minimal barriers to entry or exit of the industry. Advertising and marketing of products are high due to increased competition. No single firm has the power to set prices.

An oligopoly consists of few but large firms dominating a big market. There could be other smaller firms with a small percentage of the market share. Firms in an oligopoly market mat collaborate to look out new entrants. This market is characterized by heavy advertising, with firms offering either homogeneous or differentiated products. The objective of each firm is to maximize profits, which makes all the firm to set high prices.

User Mehdi Hadeli
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