Q7An oligopolistic market structure is beneficial to society because...a.Oligopolistic firms compete through innovation, which is a driving force of economic growth and increasing living standards.b.Oligopolistic firms are able to exploit all existing economies of scale and operate at the minimum of long-run average costs, and thereby reduce the use of society's resources.c.Oligopolistic firms compete through advertising, which increases economic efficiency.d.An oligopolistic market structure is most adaptive to today's rapid rate of technological change.e.An oligopolistic market structure is most conducive to non-competitive behaviour, which leads to lower prices for consumers in the long run.

A oligopoly market is one with fewer firms and who have an incentive to use business and marketing…

Answered: An oligopolistic market structure is…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 3SCQ: Consider the curve in the figure below, which shows the market demand. marginal cost, and marginal...

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An oligopolistic market structure is beneficial to society because...

Oligopolistic firms compete through innovation, which is a driving force of economic growth and increasing living standards.

Oligopolistic firms are able to exploit all existing economies of scale and operate at the minimum of long-run average costs, and thereby reduce the use of society's resources.

Oligopolistic firms compete through advertising, which increases economic efficiency.

An oligopolistic market structure is most adaptive to today's rapid rate of technological change.

An oligopolistic market structure is most conducive to non-competitive behaviour, which leads to lower prices for consumers in the long run.

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