Question: Important differences exist between perfect competition and oligopoly. Show your understanding of these differences by listing the following terms under either perfect competition oroligopoly. Perfect

Important differences exist between perfect competition and oligopoly. Show your understanding of these differences by listing the following terms under either €œperfect competition€ or€œoligopoly.€

Perfect Competition Oligopoly allocative efficiency many small firms high barriers to entry few large firms downward-sloping demand curve large economies of scale productive efficiency horizontal demand curve mutual interdependence no control over price

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