Which of the following is a difference between an oligopoly with homogeneous products and a monopoly?

Question

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In an oligopoly with homogeneous products, firms face competition from their rivals, which limits their ability to raise prices and earn economic profits. However, in a monopoly, there is no competition and the monopolist has the ability to charge a higher price and earn positive economic profits in the long run. Option A is incorrect because both oligopoly and monopoly firms can earn economic profits in the short run but face different constraints in the long run. Option C is incorrect because both oligopoly and monopoly have barriers to entry, but the extent of these barriers may differ. Option D is incorrect because monopolies have the ability to charge a higher price than marginal cost in the long run, while oligopoly firms may have to keep their prices closer to marginal cost due to competition.

Which of the Following Is a Difference Between an Oligopoly