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What main features are found in oligopolies?
Assumptions of oligopoly
a) collusion not limited to price or output - possible to divide markets or limit entrants
b) collusion is most often illegal
c) Collusion often short-lived, as cheating is a strong incentive
d) Overt and tacit collusion
e) Price leader
a) Non-collusive outcome results often in price rigidity
b) Firms are heavily interdependent and reluctant to engage in head-on competition
c) Non-price competition may result in both new and better goods - or at least the marketing effort will increase perceived quality
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
Which of the following statements is correct? a. Consumers have the ability to buy everything they desire. b. A consumer''s budget line shows the limits to what a consumer can buy.
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STRUCTURE OF NATIONAL INCOME: The structure or composition of national income of an economy explains the relative significance of the different producing sectors in an economy
Consider a decision faced by a cattle breeder. The breeder must decide how many cattle he should sell in the market each year and how many he should retain for breeding purposes.
Rework figure 1 assuming a closed economy
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