Question
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In one to two sentences, identify one way monopolistic competition and monopoly market structures are the same and one way they are different.(2 points)
In one to two sentences, identify one way monopolistic competition and monopoly market structures are the same and one way they are different.(2 points)
Answers
GPT-4o mini
Both monopolistic competition and monopoly market structures have some degree of market power, allowing firms to influence prices. However, a key difference is that monopolistic competition features many firms competing with differentiated products, while a monopoly consists of a single firm dominating the market with no close substitutes.