Question

The equilibrium price in a market characterized by oligopoly is

a.higher than in monopoly markets and higher than in perfectly competitive markets

b.higher than in monopoly markets and lower than in perfectly competitive markets.

c.lower than in monopoly markets and higher than in perfectly competitive markets.

d.lower than in monopoly markets and lower than in perfectly competitive markets.

e. lower than in monopoly markets and same as in perfectly competitive markets.