As the Number of Firms in an Oligopoly Increases

question 475

Multiple Choice

As the number of firms in an oligopoly increases,

• A)each seller becomes more concerned about its impact on the market price.
• B)the output effect decreases.
• C)the total quantity of output produced by firms in the market gets closer to the socially efficient quantity.
• D)the oligopoly has more market power and firms earn a greater profit.

---

Definitions:

Truth Values

The valuation in logic indicating the truthfulness of propositions, typically represented as true or false.

Short Form Truth Table

A simplified method for determining the validity of logical expressions by only focusing on the essential combinations of truth values that affect the outcome.

Atomic Sentences

The most basic and indivisible types of sentences in logic, expressing a single proposition.

Truth Values

The valuation in logic that classifies statements into categories such as true, false, or, in some systems, indeterminate.