QUESTION 1 10 points Saved When oligopolists compete, the equilibrium is determined by each firm colluding to keep prices low and make the most profit possible. True False QUESTION 2 10 points Saved Analyzing oligopolies requires game theory because of the fact that, unlike perfect competition, firms have the ability to affect the price, and hence the optimal decisions of the other firms. True False QUESTION 3 10 points Save Answer When firms compete by choosing output, the resulting market outcome will be efficient (maximize total surplus). True False