In an Oligopoly,when One Firm Reduces Its Prices,how Do Other

question 28

Multiple Choice

In an oligopoly,when one firm reduces its prices,how do other sellers react?

• A) There is no reaction from other firms to change their prices.
• B) Other firms reduce their prices also, usually quite quickly.
• C) Other firms may reduce their prices, but usually gradually.
• D) Other firms are not usually aware that price has changed.
• E) There is a combined response from other firms to stabilize prices.

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Definitions:

Acquired Needs Theory

A motivational theory suggesting that individuals are driven by their needs for achievement, power, and affiliation, which are developed over time as a result of life experiences.

Need for Achievement

A psychological trait that drives individuals to pursue and achieve goals, often associated with higher motivation and performance.

Hygiene Factors

Are found in the job context, such as working conditions, interpersonal relations, organisational policies and salary.

Job Satisfaction

Job satisfaction is the level of contentment and fulfillment a person feels towards their job, influenced by various factors like work environment, job role, compensation, and work-life balance.