How is oligopoly different from monopolistic competition? Correct Answer(s) Drag appropriate answer(s) here There are many sellers in oligopolistic industries. Press Space to open There are significant barriers to entry in an oligopolistic market. Press Space to open There are few sellers in an oligopolistic industry. Press Space to open Oligopolistic industries do not sell a differentiated product. Press Space to open There are low barriers to entry for oligopolistic industries. Press Space to open Incorrect Answer(s) Drag appropriate answer(s) here

You are the manager of a large crude-oil refinery. as part of the refining process, a certain heat exchanger (operated at high temperatures and with abrasive material flowing through it) must be replaced every year. the replacement and downtime cost in the first year is $165 comma 000. this cost is expected to increase due to inflation at a rate of 7% per year for six years (i.e. until the eoy 7), at which time this particular heat exchanger will no longer be needed. if the company's cost of capital is 15% per year, how much could you afford to spend for a higher quality heat exchanger so that these annual replacement and downtime costs could be eliminated?