An oligopoly is a type of market structure with: Many firms selling a differenti

Question

An oligopoly is a type of market structure with:

Many firms selling a differentiated produce.

Many firms selling a similar product.

Few firms selling a differentiated produce.

Few firms selling a similar product.

For a monopolistic competitive firm with high market power, we would expect the elasticity of its product to be:

Inelastic.

Unitary elastic.

Elastic.

Perfectly elastic.

For a monopolistically competitive firm, the firm demand curve is:

Downward sloping.

Horizontal.

Upward sloping.

U-shaped.

Explanation / Answer

An oligopoly is a type of market structure with: few firms selling a differentiated produce

For a monopolistic competitive firm with high market power, we would expect the elasticity of its product to be: inelastic

For a monopolistically competitive firm, the firm demand curve is: downward sloping

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