Which of the following is true about an oligopoly equilibrium in comparison with equilibrium under similar circumstances but with perfect competition?

a. Output is smaller and price is lower than under perfect competition.
b. Output is smaller and price is higher than under perfect competition.
c. Output is larger but price is higher than under perfect competition.
d. Output is larger and price is lower than under perfect competition.


b

Economics

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What will be an ideal response?

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