The oligopolists restrict joint output to Q* and set their price at P*. Which equation is correct?
a. P* > MC
b. P* > MC
c. P* > ATC
d. P* = ATC
a. P* > MC
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A) part of; growing B) part of; shrinking C) not a part of; growing D) not a part of; shrinking
Perfect competition is characterized by a large number of buyers and sellers with identical products and no significant barriers to entry
a. True b. False Indicate whether the statement is true or false
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Fill in the blank(s) with the appropriate word(s).
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A. Firms act independently of each other. B. There are very few firms in the industry. C. Collusion is common. D. Firms in the industry each control a large share of the market. e. Products are? similar, but not? identical, to? competitors' products.