In the Long Run, an Oligopolist Is Most Likely to

question 59

Multiple Choice

In the long run, an oligopolist is most likely to

• A) Experience economic profits because of barriers to entry.
• B) Experience zero economic profits because barriers to entry do not exist in the long run.
• C) Produce at the most technically efficient output level due to long-run competition.
• D) Face a straight demand curve.

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Definitions:

Tall

Having a greater than average height.

Egocentrism

The psychological tendency to view the world from one's own perspective while having difficulty understanding other viewpoints.

Conservation

Conservation involves the protection, preservation, management, or restoration of natural environments, wildlife, and natural resources.

Preoperational

A stage in Piaget's theory of cognitive development, typically from ages 2 to 7, where children are unable to understand concrete logic and are instead focused on manipulation of symbols and language.