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Monopolistic competition and oligopoly are more common in the real world than pure competition and monopoly.
Monopolistic Competition
A market structure in which many companies sell products that are similar but not identical, allowing for significant differentiation and some control over pricing.
Pure Competition
An ideal market scenario characterized by a large number of small firms producing identical products where no single firm can influence the market price.
- Understand the regulatory implications for oligopolies, particularly in terms of antitrust laws.
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Learning Objectives
- Understand the regulatory implications for oligopolies, particularly in terms of antitrust laws.
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