The range in which a duopoly's output falls is less than or equal to the output level in ________ and more than or equal to the output level in ________.
A) monopolistic competition; monopoly
B) monopolistic competition; perfect competition
C) perfect competition; monopoly
D) monopoly; monopolistic competition
E) monopoly; perfect competition

Question

Quizplus · Accepted Answer

In a duopoly, the output level is typically more than that of a monopoly because there are two firms competing, leading to a higher combined output. However, it is less than the output level in perfect competition, where a large number of firms contribute to an even higher total output.

The Range in Which a Duopoly's Output Falls Is Less