Asked by Furqaan Sayed on May 25, 2024
Verified
Every oligopolist
A) is part of a cartel.
B) colludes openly.
C) can ignore the actions of her competitors.
D) takes into account the actions of her competitors.
Oligopolist
A market participant in an oligopoly, a market structure dominated by a small number of large firms, influencing pricing and competition.
Cartel
An association of independent businesses organized to control production, pricing, and marketing of goods to limit competition.
Competitors
Entities or firms in the same industry or market that offer similar goods or services to consumers.
- Understand the notion of market structure and its impact on the conduct of firms and market dynamics.
- Analyze the competition within oligopolies and its consequences on the outcomes in the market.
Verified Answer
Learning Objectives
- Understand the notion of market structure and its impact on the conduct of firms and market dynamics.
- Analyze the competition within oligopolies and its consequences on the outcomes in the market.
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