Economies of scale can lead to an oligopolistic market structure because
A) a few firms can force rivals to produce at low levels of output.
B) if larger firms have lower costs, new small entrants will not be able to produce at the low costs achieved by the big established firms.
C) if economies of scale are insignificant, only a few firms are able to produce at the low costs achieved by the big established firms.
D) a few firms can use high profits to keep out new entrants.
Question 2
Refer to Figure 12-2. What happens if the firm produces more than Q4 units?
A) It could make a profit or a loss depending on what happens to demand.
B) Its total revenue is increasing faster than its total cost.
C) Its profit increases.
D) It makes a loss.
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