If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition.

Name: If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition.
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Question

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When oligopolists collude, they restrict industry output and raise prices to increase their profits. This results in a smaller industry output and higher price than under perfect competition.

If Oligopolists Engaged in Some Sort of Collusion, Industry Output