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How does a monopolistically competitive industry differ from an oligopoly industry? a. Monopolistically competitive industries set price equal to marginal cost; oligopoly industries set price
How does a monopolistically competitive industry differ from an oligopoly industry?
a. Monopolistically competitive industries set price equal to marginal cost; oligopoly industries set price equal to output.
b. Monopolistically competitive firms compete with each other; oligopoly firms cooperate with each other.
c. Monopolistic competition has many small firms; oligopoly has a few large firms.
d. Monopolistically competitive firms earn profit in the long run; oligopoly firms earn losses in the long run.
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