Which of the Following Statements Is Correct

question 47

Multiple Choice

Which of the following statements is correct?

• A)When duopoly firms reach a Nash equilibrium, their combined level of output is the monopoly level of output.
• B)When oligopoly firms collude, they are behaving as a cartel.
• C)In an oligopoly, self-interest drives the market to the competitive outcome.
• D)An oligopoly is an example of monopolistic competition.

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Definitions:

Individualism

Individualism is a social philosophy or ideology that emphasizes the moral worth of the individual, advocating for freedom of action and the importance of individual goals over collective ones.

Personal Privacy

The right of individuals to keep their personal information and activities confidential and free from unauthorized scrutiny.

Narcissism

An attribute of character involving an excessive perception of self-worth, a profound requirement for esteem from others, and an insensitivity towards the feelings of others.

Collectivism

A cultural value that emphasizes the priority of group goals over individual goals and the importance of cohesion within social groups.