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Consider an oligopolistic industry with a homogeneous product. If joint profits are to be maximized, the firms

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Consider an oligopolistic industry with a homogeneous product. If joint profits are to be maximized, the firms

Consider an oligopolistic industry with a homogeneous product. If joint profits are to be maximized, the firms

▸ need to determine the output each firm will produce.

▸ can produce whatever output they want at the agreed-upon price.

▸ have no individual incentive to cheat on the agreement.

▸ must form a cartel in order to be legal.

▸ None of the above - differentiated products are required for joint-profit maximization in oligopoly.

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Microeconomics

Edition: 17^th

Author: Ragan

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