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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
In equilibrium, what are the letters and the total dollar amounts that correspond to the area for the... i. Original Consumer Surplus? ii. Original Producer Surplus? iii.
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