There are many different models of oligopoly because:
A) beliefs play an important role in oligopolistic competition.
B) firms do not maximize profits in oligopolistic competition.
C) oligopoly is the most complicated type of market structure.
D) beliefs play an important role in oligopolistic competition and oligopoly is the most complicated type of market structure.

Question

Quizplus · Accepted Answer

Oligopoly is the most complicated type of market structure and beliefs play an important role in oligopolistic competition, leading to many different models of oligopoly. Therefore, both option D statements are true, making it the best answer. Option A and B are incorrect as they do not provide a comprehensive explanation. Option C is partially correct but does not address the role of beliefs in oligopoly.

There Are Many Different Models of Oligopoly Because