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

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

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If oligopolists collude, they will reduce production and raise prices to increase their profits. Therefore, industry output would be smaller than under perfect competition and price would be higher.

If Oligopolists Engaged in Some Sort of Collusion,industry Output Would