5. A major distinction between a monopolistically competitive firm and an oligopolistic firm is that: A. One is a price taker and the other is a price maker. B. A recognized interdependence exists between firms in one industry but not in the other. C. One always produces differentiated products and the other always produces a homogeneous product. D. One necessarily faces a downward-sloping demand curve and the other a

The following options are correct

A. One is a price taker and the other is a price maker

B. A recognized interdependence exists between firms in one industry but not in the other.

Explanation:

A. Monopolistically competitive firm is usually a price maker because the firm has the freedom to enter and exit the market whenever he likes i.e high market power hence he is at liberty to decide (make) the price while an oligopolistic firm has few or several competitors which limit their capacity to make prices so therefore they are usually price takers.

B. In Oligopolistic there is a lot of interdependence among firms since a few firms hold an important share in the overall output of the industry i.e each firm is affected by the price and output decisions of rival firms while monopolistic firm has none.

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