An oligopoly firm is generally characterized by: a. its ...

[EY67]

An oligopoly firm is generally characterized by:
 a. its consideration of rivals' reactions.
 b. the sale of standardized products.
 c. the possibility of realizing profits in the long run.
  d. both (a) and (c).

Question 2

When does an incomplete contract prove beneficial?

[vseab]

Answer to Question 1

d

Answer to Question 2

A contract may remain incomplete because the expected benefits of greater completeness
do not cover the costs of drafting it. In some situations an incomplete contract can discourage opportunistic behavior. Incompleteness may also be helpful if at the time the parties draft the agreement they do not know how they can best react to certain contingencies.

[EY67]

Thanks for the timely response, appreciate it

[adammoses97]

Excellent