Give two examples of types of products that are sold by an oligopoly and two examples of types of products that are sold by a monopolistic competitive firm. ({Please do not list brand names.)

 

Oligopoly is the type of market that is characterised by a small number of large firms that own most or all the shares in a given industry. Monopolistic competitive market is one that fuses the characteristics of a monopolistic and competitive market. Unlike perfect monopolies where there are barriers to entry, in a monopolistic competitive market there is freedom of entry, which means that there are many firms which provide almost similar but differentiated goods.