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Questions and Answers
How do firms in oligopolistic markets influence prices?
How do firms in oligopolistic markets influence prices?
- By increasing the number of market participants
- By decreasing the demand for the products
- By manipulating the supply function (correct)
- By enforcing perfect competition
What is an oligopoly?
What is an oligopoly?
- A market controlled by a few large sellers with a dominant share (correct)
- A market with a large number of sellers and homogeneous products
- A market controlled by a single large seller
- A market with inelastic demand and perfect competition
What is a situation similar to perfect competition within an oligopoly?
What is a situation similar to perfect competition within an oligopoly?
- Oligopolists colluding to fix prices
- Oligopolists having no market power
- Oligopolists having their own market structure (correct)
- Oligopolists engaging in anti-competitive practices
Why are firms in an oligopoly mutually interdependent?
Why are firms in an oligopoly mutually interdependent?
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Why is collusion deemed illegal in many jurisdictions?
Why is collusion deemed illegal in many jurisdictions?
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