If an oligopoly does not cooperate and each firm chooses its own quantity, the industry will produce a quantity of output that is the competitive level and the monopoly level.

Less than

more than

Explanation: Oligopoly refers to a market structure in which the number of sellers is few, but each operating at a large level. Auto mobile industry can be its example.

As the number of sellers is few therefore every producer is dependent on each other, thus, if the sellers do no cooperate with each other the profits of the sellers will surely decline leading to decrease in production.

But as the competition stands in the market every producer will produce more than the monopoly level, which refers to a market structure that has only one seller.

the correct answer is b) when the home value decreases, property taxes and insurance costs increase.