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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Does the theory of contestable markets shed any light on oligopoly pricing theories? Explain your answer.

To determine

Explain whether the theory of contestable markets shed light on oligopoly pricing theories.

Explanation

Yes, it does. According to the theory of the contestable market, the firms are always competing with a change in price, product differentiation, and advertisement. The oligopolist is a price searcher because he colludes and forms a cartel that gives the degree of monopoly power...

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