Like monopolists, oligopolists are aware that an increase in the quantity of output always a. reduces the price of their product. b. reduces their profit. c. reduces their revenue. d. reduces productivity.

b. a. reduces the price of their product.

Explanation:

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

Oligopolies are characterised by :

price setting firms

product differentiation

profit maximisation

high barriers to entry or exit of firms

downward sloping demand curve

interdependence among firms

an oligopoly can either set the price of their product or the quantity and not both. if quantity is increased, the price would drop

If prices are increased, the quantity demanded would fall.

mauve company permits employees to occasionally use the copying machine for personal purposes

answer; microeconomics;