Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose the merging of firms results in the market being served by only three or four firms selling this same product. As a result, we would expect a. A decrease in market output and a decrease in the price of the product. B. An increase in market output and an increase in the price of the product. C. A decrease in market output and an increase in the price of the product. D. An increase in market output and an decrease in the price of the product

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sammuelanderson5597 sammuelanderson5597

20-04-2022
Business

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Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose the merging of firms results in the market being served by only three or four firms selling this same product. As a result, we would expect a. A decrease in market output and a decrease in the price of the product. B. An increase in market output and an increase in the price of the product. C. A decrease in market output and an increase in the price of the product. D. An increase in market output and an decrease in the price of the product

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Tundexi Tundexi · Answer 1 · 2022-04-25T13:06:10+02:00

The merging of the competitive firms into 4 distinct firm will result to a decrease in market output and an increase in the price of the product.

What is a merger?

It is a business arrangement that involves the combination of two separate businesses into a single new legal entity.

As these competitive firm merges, the market is now known as oligarchy market because of few firm presence.

Therefore, the Option C is correct.