If a collusive agreement in a duopoly maximizes the industry’s profit,

Exam Question

If a collusive agreement in a duopoly maximizes the industry’s profit,

• 1. each firm must produce the same amount
• 2. the industry level of output is efficient
• 3. industry marginal revenue must equal industry marginal cost at the level of total output
• 4. total output will be greater than without collusion

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