Assuming that firms do not collude, compare the market outcome ...

[faduma]

Assuming that firms do not collude, compare the market outcome under oligopoly with the outcome under monopoly.
 
  What will be an ideal response?

Question 2

If it costs Sinclair 300 to produce 3 suede jackets and 420 to produce 4 suede jackets, then the difference of 120 is the marginal cost of producing the 4th suede jacket.
 
  Indicate whether the statement is true or false

[Viet Thy]

Answer to Question 1

An oligopoly market will produce an output level that is greater than would be produced by a monopoly firm. The price of the product will be lower in an oligopoly market than it would be under a monopoly.

Answer to Question 2

TRUE