Which of the following statements about oligopolies is not correct?
An oligopolistic market has only a few sellers.
B. The actions of any one seller can have a large impact on the profits of all other sellers.
C. Oligopolistic firms are interdependent in a way that competitive firms are not.
D. Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal costs.
Suppose that Jamir and Haidy are duopolists in the music industry. In June, they agree to work together as a monopolist, charging the monopoly price for their music and producing the monopoly quantity of songs. By July, each singer is considering breaking the agreement. What would you expect to happen next?
A. Jamir and Haidy will determine that it is in each singer's self-interest to maintain the agreement.
B. Jamir and Haidy will each break the agreement. Both singers' profits will decrease.
C. Jamir and Haidy will each break the agreement. Both singers' profits will increase.
D. Jamir and Haidy will each break the agreement. The new equilibrium quantity of songs will increase, and the new equilibrium price also will increase.
As the number of sellers in an oligopoly becomes very large,
A. the quantity of output approaches the monopoly quantity.
B. the price approaches the monopoly price.
C. the price effect is magnified.
D. the quantity of output approaches the socially efficient quantity.
When an oligopoly market reaches a Nash equilibrium,
A. the market price will be different for each firm.
B. the firms will not have behaved as profit maximizers.
C. a firm will have chosen its best strategy, given the strategies chosen by other firms in the market.
D. a firm will not take into account the strategies of competing firms.
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