Which of the following is unique to a monopolistically competitive firm when compared to an oligopoly?
a. Monopolistic competition features many sellers.
b. The monopolistically competitive firm produces a quantity of output that falls short of the socially optimal level.
c. Monopolistic competition features many buyers.
d. The monopolistically competitive firm advertises.
The two types of imperfectly competitive markets are
a. monopolistic competition and oligopoly.
b. monopolistic competition and cartels.
c. monopoly and monopolistic competition.
d. monopoly and oligopoly.