The equilibrium quantity in markets characterized by oligopoly is
A. higher than in monopoly markets and higher than in perfectly competitive markets.
B. higher than in monopoly markets and lower than in perfectly competitive markets.
C. lower than in monopoly markets and higher than in perfectly competitive markets.
D. lower than in monopoly markets and lower than in perfectly competitive markets.
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Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose the merging of firms results in the market being served by only three or four firms selling this same product. As a result, we would expect
A. an increase in market output and an increase in the price of the product.
B. an increase in market output and an decrease in the price of the product.
C. a decrease in market output and an increase in the price of the product.
D. a decrease in market output and a decrease in the price of the product.
In imperfectly competitive markets, increasing production will decrease the price of all units sold. This concept is known as the
A. income effect.
B. output effect.
C. price effect.
D. cartel effect.
An oligopolist will increase production if the output effect is
A. less than the price effect.
B. equal to the price effect.
C. greater than the price effect.
D. The oligopolist never has an incentive to increase production.
Cartels are difficult to maintain because
A. the monopoly output is very difficult to determine.
B. the number of firms is always large.
C. costs to the firms in a cartel are continually rising.
D. each firm has an incentive to deviate from its agreed output level.
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