The More Firms There Are in an Oligopoly in Which

question 14

True/False

The more firms there are in an oligopoly in which the strategic firm variable is quantity, the more price converges to marginal cost.

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Definitions:

Standard Normal

A normal distribution with a mean of zero and a standard deviation of one, commonly used in probability theory and statistics.

Random Variable

A variable whose values are outcomes of a random phenomenon and are subject to variability, characterized by a distribution.

Normal Distribution

A distribution of probabilities that is evenly spread about the mean, indicating that occurrences close to the mean are more common than those further away.

Standard Deviation

A statistic that measures the dispersion or variability of a data set relative to its mean.