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Compare the quantity and price of an oligopoly to those of a competitive market

Chapter 17, Problem 3

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QUESTION:

Compare the quantity and price of an oligopoly to those of a competitive market.

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QUESTION:

Compare the quantity and price of an oligopoly to those of a competitive market.

ANSWER:

Step 1 of 2

In an oligopoly market, only a few suppliers of a specific type of product dominate the market. On the other hand, in a competitive market, innumerable suppliers sell identical products in the market.

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