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Unformatted text preview: Rikki Norton Microeconomics Chapter 17 Questions for Review (2, 4, 6, 8) 2. The number of firms in an oligopoly will affect the outcome of the market by making it resemble a competitive market. The price will approach the marginal cost and the quantity produced will approach the socially efficient level. 4. When firms in an oligopoly individually choose production to maximize their profits, then they are producing less than the level produced by competition and are achieving a price greater than the competitive price. 6. When firms in an oligopoly individually choose production to maximize their profits, then they are producing a quantity of output that is greater than levels produced by monopolies and obtaining a price that is less than a monopoly 8. If a group of sellers form a cartel then they would try to maximize profit by producing the 8....
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- Spring '11