Question

b. Which of the following are products or services of oligopolists that you regularly purchase or own? O Ovens, refrigerators, and hair salon services O Automobiles, personal computers, and gasoline O Clothing stores, office supplies, and personal computers O Refrigerators, bakery goods, and courier services c. Oligopoly differs from monopolistic competition in that oligopoly O has many firms, whereas monopolistic competition has few firms. O has few firms, whereas monopolistic competition has more firms. O the firms are not mutually Interdependent with regard to price. O the firms have relatively easy entry.

Answer 1

B. Products of services of oligopolists (in oligopoly, there are few firms that produce homogeneous or Differentiated goods and there is high barriers to entry) that we regularly purchase or own are: Automobiles, personal computers, and Gasoline.

Answer: option B

C. Oligopoly differs from monopolistic competition in that oligopoly has few firms , whereas monopolistic competition has more firms. In oligopoly, firms are mutually interdependent and there is high barriers to entry.

Answer: option B