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Compare the quantity and price of an oligopoly to those of a competitive market
Chapter 17, Problem 3(choose chapter or problem)
QUESTION:
Compare the quantity and price of an oligopoly to those of a competitive market.
Questions & Answers
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.