. Consider an oligopoly industry whose firms have identical demand and cost conditions. If the firms decide to collude, then each one will want to produce the amount of output that it would if it were:
a. A monopolistic competitor.
b. A pure competitor.
c. A pure monopolist.
d. None of the above.
7. In an oligopoly, each firm’s share of the total market is typically determined by:
a. Scarcity and competition.
b. Kinked demand curves and payoff matrices.
c. Homogeneous products and import competition.
d. Product development and advertising.
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