Exam (elaborations)
Econ 1B03 - Oligopoly questions and answers
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Econ 1B03: Oligopoly questions and answers
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1-38 of 38when firms in an oligopoly individuals choose production to maximize profit...
they produce a quantity of output greater than the level produced by
monopoly and less than the level produced by competiton
As the number of sellers in an oligopoly grows larger...
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an oligopolist market looks more and more like a competitive market
> produce identical goods
> P approaches MC and the quantity produces approaches a socially
efficient equilibrium
Characteristics of an oligopoly
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1. few sellers, usually big firms
2. homogeneous or nearly identical products
3. independent firms: one firm's decisions affects another firm's profits
why is cooperation difficult to maintain?
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it is not in the best interest of the individual player
Sticking to monopoly agreement allows for...
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profits to be maximized
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