1. which of the following best defines an oligopoly industry?
o few firms, similar products
o single firm, unique product
o many firms, differentiated products
o many firms, identical products
2. which of the following best defines a monopolistically competitive industry?
o few firms, similar products
o many firms, differentiated products
o many firms, identical products
o single firm, unique product

1. Few firms, similar products

2. Single firm, unique product

Explanation:

Oligopolistic market characterizes few firms and the same or identical products. Such competition is seen among telecom companies mostly. In turn monopolistic one is an industry in which single firm dominates and the firm does not let others to enter in. It includes mostly State owned sectors, such as energy.

1. Few firms, similar products

2. Single firms, Unique product

Explanation:

i would say iii (3) because in order to compare a price you have to use as a reference other near stores because it's its

hope i explained myself

answer/// real gdp decreases to y3 and the price level falls to p3;