As a Group, Oligopolists Would Always Earn the Highest Profit

question 369

Multiple Choice

As a group, oligopolists would always earn the highest profit if they would

• A)produce the perfectly competitive quantity of output.
• B)produce more than the perfectly competitive quantity of output.
• C)charge the same price that a monopolist would charge if the market were a monopoly.
• D)operate according to their own individual self-interests.

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Definitions:

Inherently Reinforcing

A quality of an activity or object that naturally encourages repeated engagement or use without external rewards.

Conditioned Response

A learned response to a previously neutral stimulus that has become associated with an unconditioned stimulus.

Behaviorist Perspective

A theory of learning based on the idea that all behaviors are acquired through conditioning, emphasizing observable behaviors over internal mental states.

Placebo

A substance with no therapeutic effect, used as a control in testing new drugs, or used to provoke a psychological benefit to the patient.