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Bob and john are oligopolists in the market for ice cream. If Bob and John engage in a price war will the price of ice cream in their town be closer to Perfectly competitive market or a monopolistic?
Wiki User
∙ 14y ago
Perfectly competitive, because both firms will compete to earn a greater market share (they are "price takers"), leading to prices that more closely resemble a perfectly competitive market than a monopolistic market (one dominant "price making" firm).
Wiki User
∙ 14y ago
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