00:01
So for this problem, we're discussing a couple of characteristics of an oligopoly.
00:05
So we'll kind of just go through the different characteristics and what makes them valid versus not.
00:12
So for option a, we're talking about what the firms are producing.
00:19
And so in an oligopoly, there's no rules saying that they have to produce something different in the way that we had a monopolistic competition.
00:25
So for this one, we can say that that is not the case.
00:29
So we have that a is not true because firms can produce same or different products.
00:43
They can all produce different types of haircuts, and so those would be different products, or they could be producing oil.
00:54
So opec would be an example of kind of an oligopoly.
00:57
And so that would be kind of the same product.
01:00
And so here we know a is not valid because you can produce either type.
01:05
For option b, a single form choosing a point on the market demand curve.
01:11
So we know that that's not the case because an oligopoly by definition is a group of firms...