13 Nov 2021
Problem 12
Page 294
Section SELF: CHECK QUESTIONS
Chapter 12: Environmental Protection and Negative Externalities
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13 Nov 2021
Introduction
Monopolistic Competition is defined as a type of imperfect competition in which there are many producers that sell products that are differentiated from one another and hence are not the perfect substitutes.
An oligopoly is defined as a form of market wherein a market or industry is dominated by a small number of large sellers. It can result from a various forms of collusion which cuts the competition and lead to a higher prices for the consumers.
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