There are many different models of oligopoly because:
A. firms do not maximize profits in oligopolistic competition.
B. beliefs are not incorporated in oligopolistic competition and oligopoly is the most complicated type of market structure.
C. beliefs are not incorporated in oligopolistic competition.
D. oligopoly is the most complicated type of market structure.
Answer: D
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If the price of pork rinds falls, the substitution effect due to the price change will cause
A) an increase in the quantity of pork rinds demanded. B) a decrease in the quantity of pork rinds demanded. C) an increase in the demand for pork rinds. D) an increase in the demand for corn chips, a substitute for pork rinds.