Mutual interdependence among firms in an oligopoly means that:
a. firms never practice price leadership.
b. firms never form a cartel.
c. it is difficult to know how firms will react to decisions of rivals.
d. no formal agreement is possible among firms.
c
Economics
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The figure above represents the competitive market for slices of key lime pie. When the price is $3, the total producer surplus equals
A) $0. B) $60. C) $90. D) $120. E) None of the above answers is correct.
Economics
The money market achieves equilibrium when
a. individuals no longer want to spend their money b. the price of bonds rises by an appropriate amount c. buyers and sellers agree on a price for commodities d. speculative balances are reduced to a minimum e. individuals who hold bonds are satisfied with what they are holding
Economics