Competitive pressures on monopolistically competitive and oligopolistic firms can lead to an increase in technological development.

Name: Competitive pressures on monopolistically competitive and oligopolistic firms can lead to an increase in technological development.
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Question

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In both monopolistic competition and oligopoly, firms face competitive pressures that can incentivize them to innovate and adopt new technologies to gain a competitive edge, reduce costs, or differentiate their products.

Competitive Pressures on Monopolistically Competitive and Oligopolistic Firms Can Lead