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

Question

Quizplus · Accepted Answer

Oligopoly is a complicated type of market structure, which means that there can be many different models of oligopoly depending on the assumptions made about firms' behavior, the level of competition, and other factors. A and B are incorrect because beliefs and profit maximization are actually very important in understanding oligopolistic competition.

There Are Many Different Models of Oligopoly Because