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Author Question: The marginal cost (MC) curve intersects the A) ATC, AVC, and AFC curves at their minimum points. ... (Read 26 times)

ereecah

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on: Jun 29, 2018
The marginal cost (MC) curve intersects the
 
  A) ATC, AVC, and AFC curves at their minimum points.
  B) ATC and AFC curves at their minimum points.
  C) AVC and AFC curves at their minimum points.
  D) ATC and AVC curves at their minimum points.

Question 2

Because firms in an oligopoly are so large, they do not need to consider each other's actions. Is the previous statement correct or incorrect? Explain your answer.
 
  What will be an ideal response?


Jody Vaughn

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

D

Answer to Question 2

The statement is incorrect. Oligopoly is an industry in which only a few firms compete. Because there are only a few firms, the hallmark of oligopoly is mutual interdependence, that is, one firm's action will affect the other firms. The fact that in oligopoly each firm's actions affect its rivals is unlike the case in perfect competition or monopolistic competition, in which there are so many firms that one firm's actions have no effect on its rivals, or monopoly, in which there is only one firm and hence no rivals.


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