If Oligopolists Did Not Collude but Simply Operated with Excess

question 74

Multiple Choice

If oligopolists did not collude but simply operated with excess capacity,the price would be _____ and the quantity _____ with oligopoly than with perfect competition.

• A)higher; lower
• B)lower; higher
• C)lower; no different
• D)no different; lower
• E)no different; no different

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Definitions:

Equation

A mathematical declaration that affirms two expressions, usually containing variables, are equal.

Inequality

A mathematical statement that indicates the relationship of less than, greater than, less than or equal to, or greater than or equal to between two values.

Solve

To find the solution or answer to a problem or equation.

Set Notation

The formal language used to describe a set, including symbols and conventions for expressing membership, union, intersection, and other set properties.