If the members of an oligopoly could agree on a to produce what quantity would they choose? If the oligopolists do not act together but instead make production decisions individually, do they produce a total quantity more or less than in your answer to the previous question? Why?

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter24: Monopolistic Competition, Oligopoly, And Game Theory
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  1. If the members of an oligopoly could agree on a to produce what quantity would they choose? If the oligopolists do not act together but instead make production decisions individually, do they produce a total quantity more or less than in your answer to the previous question? Why?   
  2. Define marginal product of labor and value of the marginal product of labor. Describe how a competitive, profit maximizing firm decides how many workers to hire.
  3. Who has a greater opportunity cost of enjoying leisure - a janitor or a brain surgeon? Explain. Can this help explain why doctors works such long hours? 
  4. How does immigration of workers affect labor supply, labor demand, the marginal product of labor and the equilibrium wage?                                
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