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QUESTION

Which of the following characteristics differentiates a firm in an oligopolistic market from a firm in a perfectly competitive market?

Which of the following characteristics differentiates a firm in an oligopolistic market from a firm in a perfectly competitive market?

  • A firm in an oligopolistic market does not maximize profits.
  • A firm in an oligopolistic market has to consider its own impact on price when making production decisions.
  • Firms in oligopoly markets do not reach a profit maximum when marginal revenue equals marginal cost.
  • A firm in an oligopolistic market does not face competition from other firms.
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