In an oligopoly industry, price: a. will be lower than the ...

[clmills979]

In an oligopoly industry, price:
 a. will be lower than the competitive price, due to cost savings.
  b. will exceed the monopoly price, due to the destructiveness of competitive forces.
  c. cannot be predicted exactly, because it is likely to lie between the competitive and monopoly prices.
  d. none of these.

Question 2

Normal profit is a term for:
 a. explicit profit.
  b. the minimum profit to keep a firm in operation.
  c. the accounting profit forgone.
  d. pure economic profit.

[jaymee143]

Answer to Question 1

c

Answer to Question 2

b

[clmills979]

Thanks for the timely response, appreciate it

[amcvicar]

TYSM