The Goal of an Oligopoly Is to Maximize

question 14

Multiple Choice

The goal of an oligopoly is to maximize

• A)Market share to achieve long-run economic profit.
• B)Short-run profit to achieve long-run maximum revenue.
• C)Short-run profit to achieve long-run market share.
• D)Profit in the short run and to minimize cost in the long run.

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Definitions:

Hypocritical

Characterized by behavior that contradicts stated beliefs or feelings, often involving pretense or deception.

Frederick Douglass

An African-American social reformer, abolitionist, orator, writer, and statesman who, after escaping from slavery, became a leader of the abolitionist movement.

Fourth of July

A federal holiday in the United States commemorating the adoption of the Declaration of Independence on July 4, 1776.

Gag Rule

Rule adopted by House of Representatives in 1836 prohibiting consideration of abolitionist petitions; opposition, led by former president John Quincy Adams, succeeded in having it repealed in 1844.