Monopolistic competition and oligopoly are more common in the real world than pure competition and monopoly.

Question

Quizplus · Accepted Answer

Monopolistic competition and oligopoly are more prevalent in the real world because most markets have some degree of product differentiation and a limited number of firms, rather than being perfectly competitive (with many firms selling identical products) or monopolies (with only one firm).

Monopolistic Competition and Oligopoly Are More Common in the Real