Assume all markets are in long-run equilibrium. Market price in an oligopoly would be _________ the market price in a monopoly, and _________ the market price in a competitive market.

Question

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In an oligopoly, there are a few firms dominating the market, leading to higher prices than in a perfectly competitive market. However, since there are still multiple firms competing for market share, the price is generally lower than in a monopoly where there is only one dominant firm. Therefore, the market price in an oligopoly is less than the market price in a monopoly and greater than the market price in a competitive market.

Assume All Markets Are in Long-Run Equilibrium