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Author Question: Refer to Figure 5-2. The true marginal cost of the last unit produced is represented by the price ... (Read 66 times)

michelleunicorn

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on: Jun 29, 2018
Refer to Figure 5-2. The true marginal cost of the last unit produced is represented by the price
 
  A) Pa. B) Pb. C) Pc. D) Pf.

Question 2

Under what conditions does an oligopoly market result in the same outcome as perfect competition? What does this imply for the oligopoly's long-run profits?
 
  What will be an ideal response?


iceage

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Oligopoly results in the perfectly competitive outcome when markets are contestable and oligopolists do not or are not successful at colluding. Because prices are pushed to their long-run average costs, positive profits will not persist.


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