What distinguishes oligopoly from monopolistic competition? a) An oligopolist ex

Question

What distinguishes oligopoly from monopolistic competition?

a) An oligopolist explicitly takes into account competitors’ reactions to its output and pricing decisions, whereas a monopolistic competitor does not.

b) An oligopolist faces barriers to entry, whereas a monopolistic competitor does not.

c) An oligopoly can be contestable, whereas monopolistic competition is not.

d) An oligopolist charges a price greater than marginal revenue at the profit-maximizing output, whereas a monopolistic competitor does not.

Explanation / Answer

a.

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