1. What is the key difference between monopolistic competition and an oligopoly market? A) in an oligopoly, the number of firms is so small they strategize their production Interdependently B) in monopolistic competition, the marginal revenue is beneath the demand curve because of market power C) oligopolies generally have a lower market concentration and a lower minimum efficient scale D) monopolistically competitive markets have more significant barriers to entry into and exit from the industry C) illegal police see consistent economies of scale across their entire product demand 2. A monopolist begins to engage in perfect price discrimination where previously it charged a single price for all of its customers. It's profits would ______, quantity produced would________, and deadweight loss would________. A) increase; stay constant; disappear B) increase; increase; disappear C) increase; increase; increase D) decrease; decrease; increase E) decrease; decrease; decrease