If the Several Oligopolistic Firms That Compose an Industry Behave

question 82

Multiple Choice

If the several oligopolistic firms that compose an industry behave collusively, the resulting price and output will most likely resemble those of

• A) bilateral monopoly.
• B) pure monopoly.
• C) monopolistic competition.
• D) pure competition.

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Definitions:

Extrinsic Motivation

Motivation driven by external rewards such as money, fame, grades, and praise, rather than for the sake of the activity itself.

Competent

Having the necessary ability, knowledge, or skill to do something successfully or efficiently.

William McDougall

A psychologist known for his work on social psychology and introducing the concept of the "group mind" and the theory of instincts.

Human Instincts

Innate, biologically determined and genetically programmed behaviors that are essential for the survival and reproduction of humans.