An oligopoly:
a. and monopolistically competitive market produce less and charge higher prices than if their markets were perfectly competitive.
b. is characterized by mutual interdependence of pricing decisions.
c. may be characterized by a kinked demand curve.
d. all of these.
Question 2
During the short-run period of the production process, a firm will be:
a. unable to vary any of its factors of production.
b. able to vary some of its factors of production.
c. able to vary all of its factors of production.
d. able to vary the size of its plant.
Plant apical meristems and the primary tissues they produce.
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Production and Prices in Richland and Poorland