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Question
Oligopoly differs from monopolistic competition on the basis of number of sellers.
State any other difference between these two market forms.
Distinguish Between
Solution
| Basis | Oligopoly | Monopolistic competition |
| Type of product: | Firms sell differentiated products. | Firms sell homogeneous or differentiated products. |
| Entry and Exit: | There is a free entry of firms. | Entry of firms is restricted. |
| Control over market price: | Every firm has fairly large control over price of its own product. | Each firm exercises substantial control over price. |
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Features of Monopolistic Competition
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