In most cases, a monopolistically competitive market can be adequately approximated by the perfectly competitive model or the oligopoly model.

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In most cases, a monopolistically competitive market can be adequately approximated by the perfectly competitive model or the oligopoly model because the number of firms in a monopolistically competitive market is typically large, and each firm produces a differentiated product. This means that the market is not perfectly competitive, but it is also not an oligopoly.

In Most Cases, a Monopolistically Competitive Market Can Be Adequately