An Oligopolistic Firm Often Detects a Change in the Demand

question 102

Multiple Choice

An oligopolistic firm often detects a change in the demand for its product by first observing a change in

• A) marginal cost.
• B) sales.
• C) market price.
• D) average cost.
• E) marginal revenue.

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Definitions:

Vertical Axis

The y-axis in a graph or chart, typically used to represent the range of dependent variable values.

Variability

The extent to which data points in a statistical distribution or data set diverge from the average or mean value.

Y-axis

The vertical axis in a two-dimensional graph, typically used to represent the range of values of a dependent variable.

Graphical Deception

The misuse or manipulation of charts and graphs to mislead or distort the viewer's understanding of the data.