Economics studies how decision makers use scarce resources to satisfy unlimited wants

Refer to the above figure. From the standpoint of society, the optimal output is

A) Q1 B) Q2 C) Q3 D) Q4

Mutual interdependence means that each firm in an oligopolistic industry:

A. considers the reactions of its rivals when it determines its price policy. B. makes a product identical to those produced by its rivals. C. faces a perfectly inelastic demand for its product. D. makes a product similar but not identical to those produced by its rivals.