Because each oligopolist cares about its own profit rather than the collective profit of all the oligopolists together,
a. they are unable to maintain the same degree of monopoly power enjoyed by a monopolist.
b. each firm's profit always ends up being zero.
c. society is worse off as a result.
d. Both a and c are correct.
a
Economics
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A) time; x-values B) time; the variable of interest C) the variable of interest; time D) y-values; the variable of interest
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In the figure above, the price of bonds would fall from P2 to P1 if
A) there is a business cycle recession. B) there is a business cycle expansion. C) inflation is expected to increase in the future. D) inflation is expected to decrease in the future.
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