Gulp and Chug are the two large producers in the oligopolistic market for left-handed coffee mugs. If they can make an agreement, they will cooperate in: A) allowing new firms into the market. B) reducing output, which raises the product price. C) raising production costs. D) lowering the product price, which attracts more consumers.

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16-12-2022
Business

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Gulp and Chug are the two large producers in the oligopolistic market for left-handed coffee mugs. If they can make an agreement, they will cooperate in: A) allowing new firms into the market. B) reducing output, which raises the product price. C) raising production costs. D) lowering the product price, which attracts more consumers.

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contexto1028 contexto1028 · Answer 1 · 2022-12-19T21:53:59+01:00

The correct option is (B). Gulp and Chug are the two large producers in the oligopolistic market for left-handed coffee mugs. If they can make an agreement, they will cooperate in reducing output, which raises the product price.

Oligopoly markets are markets dominated by a small variety of providers. They may be discovered in all international locations and across an extensive range of sectors. a few oligopoly markets are competitive, at the same time as others are appreciably less so, or can at the least seem that way. An oligopoly is a market shape in which a marketplace or enterprise is ruled by a small range of massive dealers or manufacturers. Oligopolies often end result from the choice to maximize earnings, which may lead to collusion among organizations.

Some examples of oligopolies encompass the auto industry, petrol retail, pharmaceutical enterprise, espresso shop retail, and airways. In every one of those industries, a few large organizations dominate.

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