If a cartel is successful, it will behave as a monopolist and maximize profit at the point at which MR = MC.

The number of firms in an oligopoly industry must be small enough that firms are interdependent in decision making.

If a firm can limit competition, it will likely be able to charge higher prices.

An oligopoly is characterized by few firms in a market with barriers to entry.

The reason a firm advertises its product is to increase demand for its product.

Sometimes offering no guarantee on a product signals to consumers that the product is of lower quality than it really is.

Consumers are willing to pay a higher price for a brand-name product as opposed to a generic product because

Larger size automatically improves efficiency.

Only the governments in developing countries create oligopolies.

A cartel attempts to increase profits in the industry by limiting the production of each member.