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Answer to Question #322779 in Microeconomics for Ian Penn

Question #322779

Illustrate and explain how equilibrium is determined in an oligopoly market structure.


1
Expert's answer
2022-04-04T09:16:00-0400

Oligopoly is a market structure comprising of a small number of firms.

Equilibrium occurs when the marginal cost curve intersects with the marginal revenue curve to yield profits as shown by the figure below


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