When Toyota Experienced Declining Sales, It Began Offering Price Incentives

question 45

Multiple Choice

When Toyota experienced declining sales, it began offering price incentives to new car buyers. Nearly immediately, Ford and General Motors began similar promotions. Which of the following describes these businesses in this scenario?

• A) They represent an oligopoly in which there are few sellers, and sellers often match the prices of competitors.
• B) They are engaging in monopolistic competition in which there are many buyers as well as a relatively large number of sellers that differentiate their products from those of competitors.
• C) They are engaging in pure competition, in which no single seller is powerful enough to affect prices.
• D) They are engaging in monopolistic competition, in which the products are very similar.

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Definitions:

Identity Theory

A view in the philosophy of mind which holds that mental states and processes are identical to brain states and processes.

Brain States

The varying physiological conditions of the brain, which can influence thoughts, emotions, and behavior.

Essential Selves

A concept referring to an individual's core identity or inherent characteristics that define their true nature.

Individuals

Single human beings as separate entities, considered apart from society or any particular group, emphasizing the uniqueness and autonomy of each person.