If oligopoly firms decide to work together, either formally or informally, and honor the agreement then profits can be by output and the price of goods and services. maximized; increasing; increasing minimized; reducing; increasing maximized; reducing; increasing

An oligopoly market is a market structure in which there is a small number of firms. The business decisions of each firm affect its competitors. There is no restriction on entry and exit of firms. There is a high degree of competition between firms.

The firms can maximize their profits if they collude and act like a monopoly. They can earn monopoly profits by reducing the level of output and increasing the price of products.

If oligopoly firms decide to work together, either formally or informally, and honor the agreement then profits can be ________ by ________ output and ________ the price of goods and services. maximized; increasing; increasing minimized; reducing; increasing maximized; reducing; increasing

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If oligopoly firms decide to work together, either formally or informally, and honor the agreement then profits can be by output and the price of goods and services. maximized; increasing; increasing minimized; reducing; increasing maximized; reducing; increasing