7. Imperfect Competition Flashcards by M W | Brainscape

Q

What is an oligopoly with 2 firms called?

A

Duopoly

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Q

What are some assumptions that we use for these oligopolies?

A

The market has 2 firms, and no other firms can enter.
The firms set their quantities independently and simultaneously
The firms have identical costs
The firms sell identical products

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Q

A

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