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Author Question: If firms in an oligopoly operate as a monopoly, the industry produces the most output and if they ... (Read 47 times)

jCorn1234

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on: Jun 29, 2018
If firms in an oligopoly operate as a monopoly, the industry produces the most output and if they operate as perfect competitors, the industry produces the least output. Is the previous statement correct or incorrect? Why?
 
  What will be an ideal response?

Question 2

Which of the following questions is a macroeconomic issue?
 
  A) How many more pounds of cookies will a consumer purchase if the price of cookies decreases?
  B) What effect would a cure for Mad Cow Disease have on the market for beef?
  C) What is the future growth prospect for an economy?
  D) How many workers should the owner of a business hire?


ju

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

The statement is incorrect; it reverses the outcomes. If the firms in an oligopoly operate as a monopoly, the industry produces the least output and if they operate as perfect competitors, the industry produces the most output.

Answer to Question 2

C


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