Question

In an oligopoly, each firm knows that its profits a. depends only on how much output it produces. b. depend only on how much output its rival firms produce. c. depend on both how much output it produces and how much output its rival firms produce. d. will be zero in the long run because of free entry.

Name: in an oligopoly each firm knows that its profits a depends only on how much output it produces b depend only on how much output its rival firms produce c depend on both how much output it pr 90316
Uploaded: 2022-04-18T16:50:41-08:00
Duration: 1 min 33 s
Channel: Haricharan Gupta
Description: in an oligopoly each firm knows that its profits a depends only on how much output it produces b depend only on how much output its rival firms produce c depend on both how much output it pr 90316

          In an oligopoly, each firm knows that its profits
a. depends only on how much output it produces.
b. depend only on how much output its rival firms produce.
c. depend on both how much output it produces and how much output its rival firms produce.
d. will be zero in the long run because of free entry.

Added by Rahul O.

Principles of Economics

Gregory Mankiw 8th Edition

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Solved by Expert Haricharan Gupta

04/18/2022

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In an oligopoly, each firm knows that its profits a. depends only on how much output it produces. b. depend only on how much output its rival firms produce. c. depend on both how much output it produces and how much output its rival firms produce. d. will be zero in the long run because of free entry.