In two to three sentences, explain the similarities between monopolistic competition and oligopoly.

Monopolistic is when there are a large number of sellers who make differentiated (but not identical) products. Differentiated products are goods and services that are slightly different from one another.

Oligopolies are market structures with few sellers. They can sell identical (or almost identical) products, as in the steel industry. Oligopolies can also sell differentiated products, as in the car industry.