Question

When comparing oligopolies and perfect competitions, which of the following is FALSE?
Answer
Oligopolies typically generate higher profits than perfect competitions.
Prices for products within oligopolistic market structures are generally higher than for products within perfect competitions.
Oligopolies avoid producing where marginal revenue equals marginal cost, though perfect competitions equalize marginal cost and marginal revenue.
Long-run profits are higher for oligopolists than for perfect competitors.