The combined actions of oligopolists would always be preferable to those of a single monopolist. The correct response is option (c).
<h3>Define Oligopoly. </h3>
An imperfectly competitive market structure known as an oligopoly is one in which a limited number of businesses sell the same goods. Businesses in this type of market produce profits that are above average due to the high entry barriers.
A scenario known as monopoly occurs when there is only single-seller in the market. In traditional economic theory, the monopolistic situation is seen as the complete antithesis of perfect competition. The demand curve that the monopolist encounters is, by definition, the industry's downward-sloping demand curve.
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