00:01
To compare oligopoly with monopolistic competition, one of the main differences here is that standardized products are sometimes found within oligopolis, but they're not found in monopolistic competition.
00:12
And we can say that this is true because we know with monopolistic competition that one of their characteristics is that they sell similar, that they are consumer markets.
00:22
That is, these companies are selling to consumers.
00:25
And the products that they're selling may be similar to one another, but they're going to be differentiated in some way, shape, or form.
00:35
So even though the product may appear similar, each company has some method of making that product different from the rest.
00:44
And that's what's characteristic of this monopolistic competition.
00:48
However, within an oligopoly, what we can sometimes see are these industrial markets.
00:54
So rather than selling these products that they produce to just their consumers, they're selling it to maybe other businesses who then sell it to producers or to consumers...