Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 17 - Part V - Oligopoly - Questions for Review: 4

Answer

The more firms in an oligopoly, the more competitive the market. In other words, the lower the price and the greater the quantity produced.

Work Step by Step

With more firms potentially pursuing their self-interest and increasing their market share, the more quantity gets driven up and price down.
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