In neither monopolistic competition nor oligopoly market structures:

Question

Quizplus · Accepted Answer

Both monopolistic competition and oligopoly market structures have multiple sellers, so there is not a single seller. However, A, B, and D are not true for both market structures. In monopolistic competition, there is easy entry and exit, consumers perceive differences among the products of various competitors, and economic profits are not earned in the long run. In oligopoly, entry is difficult due to barriers to entry, consumer perception of differences among products can vary, and economic profits can be earned in the long run depending on the behavior of the few firms in the market.

In Neither Monopolistic Competition nor Oligopoly Market Structures