Answer:
c. a small number of firms are acting strategically.
Explanation:
The Firms in oligopoly can influence market outcome and thus they act strategically to achieve the expected outcome.
Answer:
The equilibrium point
Explanation:
The equilibrium point is where there is an exact quantity of production output that perfectly satisfies the total demand of the market.
The only factor that can cause a change in quantity supplied is price, so increase in Qs results from a change in supply price.
