Which of the following characteristics differentiates a firm in an oligopolistic market from a firm in a perfectly competitive market?
- A firm in an oligopolistic market does not maximize profits.
- A firm in an oligopolistic market has to consider its own impact on price when making production decisions.
- Firms in oligopoly markets do not reach a profit maximum when marginal revenue equals marginal cost.
- A firm in an oligopolistic market does not face competition from other firms.
