1 - One way in which monopolistic competition differs from oligopoly is that A -

B - in oligopoly markets there are only a few sellers. B - less than the efficient scale.

ID: 1099258 • Letter: 1

Question

1 - One way in which monopolistic competition differs from oligopoly is that

A - there are no barriers to entry in oligopolies.

B - in oligopoly markets there are only a few sellers.

C - all firms in an oligopoly eventually earn zero economic profits.

D - strategic interactions between firms are rare in oligopolies.

2 - In the long run, a monopolistically competitive firm produces a quantity that is

A - equal to the efficient scale.

B - less than the efficient scale.

C - greater than the efficient scale.

D - consistent with diseconomies of scale.

B - in oligopoly markets there are only a few sellers.

B - less than the efficient scale.

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