Determine the market structure that is common in all the four firms.
Explanation of Solution
The common criterion in all the four firms’ market structure based on the pricing decision is that all the firms produce the quantity of output where the marginal cost is equal to marginal revenue.
Oligopoly: Oligopoly is the type of market structure, which is considered by few sellers who exist in the market with a large market share, high barriers to entry, and selling differentiated products.
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Chapter 24 Solutions
Economics (MindTap Course List)
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