1. Monopolistic competition Oligopoly
2. Oligopoly Monopolistic competition
3. Monopoly Oligopoly
1. All firms produce similar yet not perfectly substitutable products.2. All firms are able to enter the industry if the profits are attractive.3. All firms are profit maximizers.4. All firms have some market power, which means none are price takers.
1. All firms sell an identical product. 2. All firms are price-takers. 3. All firms have a relatively small market share. 4. Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit.