Pricing and output determination under an oligopoly is more complicated than pricing and output determinations in other industries. The primary reason for the complication is the:
a. fewness of firms.
b. brand loyalty of consumers.
c. powerful effect of advertising.
d. variability of concentration ratios.
e. mutual interdependence of firms.
Question 2
The long run is a planning period:
a. during which the firm can vary all inputs including its plant size.
b. less than six months.
c. less than one year.
d. less than five years.