If firms in an oligopoly market are able to collude, then: a. the market price and output will be very close to the price and output that would exist under competitive conditions. b. the market price i
1) will be higher than the price and output that would exist under competitive conditions.
2) will be lower than the price and output that would exist under competitive conditions.
3) will be the same as the price and output that would exist under competitive conditions.
4) cannot be determined.