A distinguishing feature of an oligopolistic Industry is the tension between a) Short-run decisions and long-run decisions. b) Cooperation and self-interest c) Profit maximization and cost minimization d) Producing a small amount of output and charging a price above marginal cost Use the figure below to answer the question that follows 160 100 ATC 12333 90 Demand 56.67 MR 100 133.33 15492 Quantity 2. As the figure is drawn, the firm is in: a) Neither a short-run equilibrium not a long-run equilibrium. b) A short-run equilibrium as well as a long-run equilibrium. c) A short-run equilibrium but it is not in a long-run equilibrium. d) A long-run equilibrium but it is not in a short-run equilibrium. 3. An example of a variable input in the short run is: a) an employee b) capital equipment. c) land. d) a building. 4. According to the law of diminishing returns a) The total product falls as more units of a variable input are added to a fixed input. b) The marginal product of a variable input eventually falls as more units of it are added to input. c) The marginal product eventually increases as more units of a variable input are added t input. d) None of the above.

An oligopoly is a market structure where there are few sellers. A seller is large enough to have an impact on the market in an oligopoly. Your competitors are responding to your decisions, but you must also respond to theirs.Unlike perfect competition, monopoly, and monopolistic competition, oligopoly necessitates strategic thinking.

There is a conflict between collaboration and self-interest in oligopoly marketplaces. If every company has the incentive to increase output when they limit their output since the cost is high.

The equilibrium of an oligopoly market is determined using game theory tools.

Therefore option b is correct.

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