In an oligopolistic market, each firm

A) has a constant marginal cost.
B) faces a perfectly elastic demand function.
C) must consider the reaction of rival firms when making a pricing or output decision.
D) produces at minimum average cost in the long run.


Answer: C

Economics

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A tradesman who purchases diamonds in a country where the price is low and sells them in another country where the price is high, can be said to be practicing:

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