Question 33 Which of the following statements is not correct? In an oligopolistic industry, firms can produce homogeneou

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Question 33 Which Of The Following Statements Is Not Correct In An Oligopolistic Industry Firms Can Produce Homogeneou 1 (71.92 KiB) Viewed 35 times

Question 33 Which of the following statements is not correct? In an oligopolistic industry, firms can produce homogeneous or differentiated products. Monopolistic competition is characterized by excess capacity because firms produce at an output level less than the least-cost output. In a purely competitive industry firms produce a homogeneous product. An oligopolistic industry exists where a large number of small firms producing differentiated products dominate a market. Question 34 2 pts Reduce product price Make no change in the level of output Increase the level of output Decrease the level of output 2 pts Consider a monopolistically competitive firm which is operating at a short-run level of output where price is $20, average total cost is $14, marginal cost is $12, and marginal revenue is $12. In the short run this firm should: