Which of the following is true?
A) In an oligopoly market, the equilibrium price is higher than the competitive equilibrium price.
B) In a monopoly market, the equilibrium price in the long run approaches the competitive equilibrium price.
C) In a monopolistically competitive market, the long-run equilibrium price is higher than the competitive equilibrium price.
D) In an oligopoly with differentiated products, the equilibrium prices of the firms are the same.
Correct Answer:
Verified
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