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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

Why does the interdependence of firms play a major role in oligopoly but not in perfect competition or monopolistic competition?

To determine

Explain the reasons for the interdependence of firms, which plays a major role in oligopoly rather than perfect competition and monopolistic competition.

Explanation

The important aspect that is common in all oligopolies is the interdependence. The interdependence among the firms will tend to collude and helps to avoid unexpected outcome and surprises. In the oligopoly market, there are only few firms that operate in the market, therefore each firm essentially notices the actions of other firms to preserve the market share...

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