Question 1
In an imperfectly competitive market, changes in market conditions are often signalled to the individual firms by a change in the
◦ government policy.
◦ firm's sales.
◦ price of the product.
◦ elasticity of supply.
◦ cost conditions.
Question 2
In what way can an oligopolistic market structure be beneficial to society?
◦ Oligopolistic firms compete through innovation, which is a driving force of economic growth and increasing living standards.
◦ An oligopolistic market structure is most adaptive to today's rapid rate of technological change.
◦ Oligopolistic firms compete through advertising, which increases economic efficiency.
◦ An oligopolistic market structure is most conducive to non-competitive behaviour, which leads to lower prices for consumers in the long run.
◦ Oligopolistic firms are able to exploit all existing economies of scale and operate at the minimum of long-run average costs, and thereby reduce the use of society's resources.
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