In the Long Run,an Oligopolist Is Most Likely to

question 56

Multiple Choice

In the long run,an oligopolist is most likely to

• A)Experience economic profits because of barriers to entry.
• 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.

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Definitions:

Values

The core beliefs or principles that guide an individual's or organization's behavior, decisions, and actions.

Fashion

A popular trend, especially in styles of dress and ornament or manners of behavior.

Music

Music is an art form and cultural activity involving the creation of sounds and rhythms in various styles and formats, used for entertainment, expression, and ceremonial purposes.

Novelty

The quality of being new, unique, or interesting.