If the Industry Is an Oligopoly, the Price Charged and the Quantity

question 102

Multiple Choice

If the industry is an oligopoly, the price charged and the quantity produced would be the same as if the industry was a monopoly if the

• A)oligopolists face kinked demand curves.
• B)Cournot model applies.
• C)firms agree not to engage in non-price competition.
• D)oligopolists collude.

---

Definitions:

Indifference Curves

A graph representing different bundles of goods between which a consumer is indifferent, showing equal levels of utility.

Preference Map

A relationship between two variables, X and Y, in which a decrease in X is associated with a decrease in Y, and an increase in X is associated with an increase in Y.

Indifference Curve

a graph showing different combinations of two goods that give a consumer equal satisfaction and utility.

Budget Constraint

The limitations on the consumption choices of an individual or household due to limited financial resources.