Oligopoly and monopolistic competition can be described as industries where firms
A) have high barriers to entry
B) produce identical goods
C) are located near each other
D) produce close substitutes
E) aspire to become perfect competitors

Question

Quizplus · Accepted Answer

Oligopoly and monopolistic competition are market structures where firms produce goods or services that are close substitutes, allowing for competition but with differentiation in products or services offered.

Oligopoly and Monopolistic Competition Can Be Described as Industries Where