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Collusion in oligopoly is difficult to achieve because: Question 8 options: it is prohibited by law....

Collusion in oligopoly is difficult to achieve because: Question 8 options: it is prohibited by law. it is prohibited by law and every firm has an incentive to cheat given that others follow the agreement. firms usually take care of consumers' interests as a decision priority. every firm has an incentive to cheat given that others follow the agreement.

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Answer #1

Collusion in oligopoly is difficult to achieve because:-

It is prohibited by law and every firm has an incentive to cheat given that others follow the agreement.

Explanation:-  In oligopoly there are few sellers with the large numbers of market shares. If they collude then there will be no competition and it will harm consumers at large. that's why it is prohibited by law. If all the firms in the market collude then it will benefited all the firms hence all the firms will easily agree with the cheat agreement where they all set their price with higher margins to gain unethical profits.

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