Summary of Equilibrium for an Oligopoly o Possible outcome if oligopoly firms pursue their own self-interests: Joint output is greater than the monopoly quantity but less than the competitive industry quantity o Market prices are lower than monopol price but greater than competitive price. Total profits are less than the monopoly profit H arc Inc items and derived items copyright o 2001 by Harcourt, IncHarcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Summary of Equilibrium for an Oligopoly u Possible outcome if oligopoly firms pursue their own self-interests: u Joint output is greater than the monopoly quantity but less than the competitive industry quantity. u Market prices are lower than monopoly price but greater than competitive price. u Total profits are less than the monopoly profit