A Firm That Is in an Oligopoly Knows That Its

question 263

Multiple Choice

A firm that is in an oligopoly knows that its _____ affect its _____ and that the _____ of its rivals will affect it.

• A)actions;rivals;reactions
• B)price changes;total revenue in a positive way;reactions
• C)actions rarely;rivals;actions
• D)price increases;total revenue in the long run only;large but not small price changes

---

Definitions:

Beliefs

Deeply held convictions or understandings that an individual considers to be true, shaping their thoughts and actions.

Opinions

Personal beliefs or judgments that are not based on certainty or knowledge but on what one thinks or feels about a particular subject.

Knowledge

Information, awareness, or understanding gained through experience, education, or research.

Information

Data that has been processed, organized, or structured in a way that adds to its meaning or context, making it useful for decision-making.