Question

Prepare a table to show the distinction between monopoly, monopolistic competition, and oligopoly. Major points of distinction are given below in the table.

Points of distinction	Monopoly	Monopolistic competition	Oligopoly
Number of firms
Nature of the product
Price
Freedom of entry and exit
Demand curve

Answer 1

Points of distinction	Monopoly	Monopolistic competition	Oligopoly
Number of firms	single	fairly large	A few
Nature of the product	Homogenous	Differentiated	Homogeneous or differentiated
Price	Uniform or differentiated price	Different price	Different price
Freedom of entry and exit	No freedom of entry and exit	Freedom of entry	Freedom of Entry
Demand curve	Downward sloping	Downward skloping	Indeterminate