Under what conditions does an oligopoly market result in the same outcome as monopoly? What does this imply for the oligopoly's long-run profits?
What will be an ideal response?
Oligopoly results in the monopoly outcome when oligopolists are successful at colluding. Positive profits can persist in the long run.
Economics
You might also like to view...
Assume that we have a demand curve of the form: log(Q) = a - b log(P) + c log(I) where Q = quantity, P = price, I = income, and a, b, and c are positive constants
The income and price elasticities for the demand curve represented above are always A) equal to one. B) equal to zero. C) equal (i.e., income elasticity always equals price elasticity). D) constant but not necessarily equal to one another.
Economics
In 2012, about _____% of all Americans under the age of 65 did not have health insurance
a. 10% b. 12% c. 17% d. 20%
Economics