AP Microeconomics Unit 4 Practice Test

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Which of the following is true of oligopolies? I. They make strategic decisions considering competitors’ actions. II. There are low barriers to entry. III. They are neither allocatively nor productively efficient. IV. They are “price takers” in the market.

As output increases, the long-run average total cost curve decreases. I and III only Firm A No dominant strategy | Firm B Low Deadweight loss

Correct Answer:

I and III only

Explanation:

Correct answer: I and III only

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