Fill in the blanks to make the following statements correct. a. Economists say that oligopolistic…

Fill in the blanks to make the following statements correct. a. Economists say that oligopolistic firms exhibit _______ behaviour. These firms are aware of and take account of the decisions of _______. b. The firms in an oligopoly have a collective incentive to _______ in order to maximize joint _______; individually, each firm has an incentive to _______ in order to maximize individual _______. c. Oligopolistic firms exhibit profits in the long run only if there are significant . d. Three examples of non-competitive behavior practised by firms with market power are , _______ , and _______. e. An important defence of oligopoly is the idea that it leads to more _______ than would occur in either perfect competition or monopoly. The oligopolistic firm has an incentive to_______ because it can expect to keep a good share of the resulting profit.

 

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