III. OLIGOPOLY20. In an oligopoly market,a. a firm must lower prices to sell more output.b. Each firm faces a demand curve that depends on how the firm's rivals behave.c. a few companies account for a large portion of industry sales.d. a and b.and. all of the above21. Profits are interdependent in oligopoly markets due to: a. differentiated products.b. Managers are trying to set prices cooperatively in order to maximize total industry profit.c. Market entry is limited by some kind of barrier to entry.d. each company in the market is relatively large.and. all of the above.22. Which of the following is NOT an implication of oligopolistic interdependence?a. Strategic behavior.b. The need to reach out to the bosses of your rival administrators.c. Decision making that results in the equating of marginal revenue and marginal cost.d. Thinking ahead in sequential decisions to anticipate rivals" of future actions23. Cooperation in an oligopoly market is achieved whena. Most companies in the market choose not to cheat.b. Some of the companies in the market choose not to cheatc. At least one of the companies in the market decides not to cheat.d. All companies in the market decide not to cheat