Which of the Following Is NOT a Characteristic of a Constant

question 32

Multiple Choice

Which of the following is NOT a characteristic of a constant cost competitive industry? As the industry expands in the long run,

• A)the price of the product remains constant.
• B)input prices remain constant.
• C)the cost of production remains constant.
• D)the number of firms remain constant.
• E)none of the above

Identify the distinguishing characteristics of an oligopoly, including interdependence among firms and the ability to influence market prices.

Analyze the strategic behavior of firms within oligopolistic industries and the concept of contestable markets.

Recognize the significance of concentration ratios in identifying the structure of a market.

Understand the dynamics of price competition and non-price competition (such as R&D, marketing) in oligopolistic markets.

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