8. Consider the following statements: I. Oligopoly is a form of imperfect competition. II. Oligopoly firms produce only differentiated products. III. Unlike perfectly competitive markets, oligopoly markets have only a small number of firms. IV. Oligopoly firms always set the price(s) higher than their marginal costs to earn positive profits. Which of the above statements are TRUE? (a) (II) and (IV) (b) (I) and (III) (c) (I) and (II) (d) (III) and (IV) Answer: Sh

8. Consider the following statements: I. Oligopoly is a form of imperfect competition. II. Oligopoly firms produce only differentiated products. III. Unlike perfectly competitive markets, oligopoly markets have only a small number of firms. IV. Oligopoly firms always set the price(s) higher than their marginal costs to earn positive profits. Which of the above statements are TRUE? (a) (II) and (IV) (b) (I) and (III) (c) (I) and (II) (d) (III) and (IV) Answer: Sh

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Oligopoly

Section: Chapter Questions

Problem 9PA

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6.Define oligopoly in your own words and elaborate on the characteristics of oligopoly?
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