Which of the following statements is (are) correct?(x) One key difference between an oligopoly market and a competitive market is that oligopolistic firms selltheir product at a price equal to marginal cost while competitive firms do not.(y) Oligopolists are aware that increases in the quantity of output they produce reduce the price of theirproduct, and in this respect they are like monopolists.(z) An oligopolist is similar to a monopolistic competitor in that both have some market power because they both face downward-sloping demand curves.(x), (y) and (z) only(x) and (y) only(x) and (z) only(y) and (z) only(z) only

Oligopoly market:- Market is owned by a few of producers are known as oligopoly markets. It could…

Answered: Which of the following statements is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is (are) correct?

(x) One key difference between an oligopoly market and a competitive market is that oligopolistic firms sell

their product at a price equal to marginal cost while competitive firms do not.
1. (y) Oligopolists are aware that increases in the quantity of output they produce reduce the price of their
  
  product, and in this respect they are like monopolists.
  (z) An oligopolist is similar to a monopolistic competitor in that both have some market power because they both face downward-sloping demand curves.

(x), (y) and (z) only

(x) and (y) only
(x) and (z) only

(y) and (z) only

(z) only

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