
114 Chapter 5
Under [these] circumstances, a very wide variety of behaviour pattern becomes possible. Rivals may
decide to get together and cooperate in the pursuit of their objectives, … or, at the other extreme, may try
to ght each other to death. Even if they enter an agreement, it may last or it may breakdown.
8
Economists have, therefore, found it extremely dicult to make a systematic analysis of price and
output determination under oligopoly.
9
e complexity of the problem, however, could never deter the
economists from their eorts to nd a reasonable solution to the problem.
In accordance with the wide variety of behaviour patterns, ...