Q7 Important differences exist between monopolistic competition and oligopoly markets. Show your understanding of these differences by listing the following terms under the particular type of market structure. Enter appropriate number only under the specific type of market. 5 marks 1 Mixture of perfect competition and monopoly 2 Few large firms 3 Homogeneous as well as differentiated products 4 Huge capital investment and large scale advertising expenses 5 Covert collusion 6 Beauty salon and barber shops 7 Relatively large number of buyers and sellers 8 Product differentiation is the key feature 9 Mutual interdependence 10 Relatively high concentration ratio 11 Independent price policy 12 Downward sloping elastic demand curve Monopolistic competition Oligopoly 13