In the Long Run,an Oligopolist Is Most Likely to

question 28

Multiple Choice

In the long run,an oligopolist is most likely to

• A)Experience economic profits when sufficient barriers to entry are present.
• B)Experience zero economic profits because barriers to entry do not exist in the long run.
• C)Produce at the most technically efficient output level due to long-run competition.
• D)Face a straight demand curve.

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Definitions:

Insurer's Promise

The commitment by an insurance company to pay for losses or damages specified in an insurance policy.

Insurance Contract

A legally binding agreement between an insurer and the insured, outlining the terms for the insurer to compensate the insured for specific losses or damages.

Breach of Contract

Occurs when one party in a binding agreement fails to fulfill their obligations without a legitimate legal excuse.

Obligations

Duties or responsibilities enforced by law, contract, or a sense of duty that compel someone to act or refrain from acting in a certain manner.