confirm if you believe I answered question one thoroughly and correctly. Confirm which parts of my response are correct and which parts need improvement. 1. Monopolistic competition and oligopoly are introduced in Chapter 10. How would you explain the difference between these two market structures to a struggling classmate who asks for your help? Response: The primary difference between monopolistic competition and an oligopoly is the number of competing firms in a market. Monopolistic competition as a term can be very easily confused for a monopoly structure. But the word "monopolistic" as is used in this term does not refer to the number of total firms in a market, but rather to the products being sold themselves. Each product sold is distinctive and differentiated and is primarily sold by one out of many firms in a market. No other firm has claims to that product, though it could create an entirely new good/service that is similar (but not exact) to the original. Oligopolies exist when a handful of large firms dominate much of the industry in terms of sales. These businesses are heavily dependent on each other and will often make decisions on output, advertising, and price based on their competitor's actions as it is easier to take note of and directly compete with each other when there are "less players in the game". As such, an oligarchic market can behave much like the other market structures--more directly competitive or more collaborative--depending on the behavior of a few big actors