1. The main difference between monopoly and oligopoly is A. price discrimination B. product differentiation C. number of firms D. the difference in the firms profits in the long run 2.Which of the following firms is most likely to represent the oligopoly market structure? A. all firms selling wheat worldwide B. the general electric company C. olive garden restaurants D. craft beer sold in san diego

1. The main difference between monopoly and oligopoly is
2. product differentiation

2.Which of the following firms is most likely to represent the oligopoly market structure?

1. the general electric company

Explanation:

The main difference between monopoly and oligopoly is product differentiation. Monopoly has one seller who has market power to influence price of commodities while in oligopoly, there are few sellers but largely own the whole market demand and who sell the same product, each firm relying on differentiation to make a profit above the others. An example of a firm operating in oligopoly market structure is the general electric company because there are barriers for new entrants into this market and in electricity market, few but large firms control the market.